5 days ago
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The Nigerian economy appears to be bouncing back as the National Bureau of Statistics (NBS) Tuesday announced a drop in the headline inflation rate.
Specifically, it said the rate fell from 34.8 percent in December 2024 by 10.32 percentage points to 24.48 percent in January 2025, after a rebase of the Consumer Price Index (CPI).
The NBS, in a statement which addressed the CPI report for January, said the rate reflects an updated price reference period (base year) of 2024 and a weight reference period of 2023.
NBS said: “The rebased All Items index in January 2025 was 110.68, while the headline inflation rate on a year-on-year basis stood at 24.48 per cent in January 2025.
“This means that the general prices of goods and services in Nigeria increased by 24.48 per cent compared to January 2024,” the statement said.
The agency said the food inflation rate fell to 26.08 per cent in January 2025 from 39.84 per cent in December 2024.
It said: “The rebased Food Index in January 2025 was 110.33, while the food inflation rate on a year-on-year basis stood at 26.08 per cent in January 2025.
“This means that the general prices of food items in Nigeria increased by 26.08 per cent compared to January 2024.”
The Statistician General of the Federation and Chief Executive Officer (CEO) of the NBS, Adeyemi Adeniran, had, October 2024, announced plans to rebase the Gross Domestic Product (GDP) and Consumer Price Index (CPI) to reflect current realities and account for structural changes in the economy.
The agency said the rebased CPI produces estimates reflect the current inflationary pressure and consumption pattern of people living in Nigeria.
“With the reviewed CPI basket and adaptation of enhanced methods of compilation and computation, the CPI figures provide the needed information for the government, firms, and households to make informed decisions on matters related to price levels and changes in prices,” the NBS said.
…NNPCL on fuel quality
In a related development, the Group Chief Executive Officer of NNPC Ltd, Mr. Mele Kyari, has debunked reports claiming that the company imported 200 million litres of fuel in February this year.
Fielding questions at a fireside chat during the 60th Nigeria Mining & Geosciences Society (NMGS) Conference in Abuja, Kyari said: “These are just lies, because we didn’t even import products within that window that the report was published. All the mischief about aligning this fictitious importation with the so-called low-quality fuel are just baseless.”
The GCEO’s reaction followed a media report that the state-owned oil company imported over 200 million litres of PMS into Nigeria February.
Kyari said, even at that, there was nothing wrong in importing as it’s the normal practice in the industry, explaining that every country imports petroleum products, including the United States.
He said Nigeria supplied petroleum products to countries such as Saudi Arabia and the UAE, which doesn’t mean that there are no refineries in those countries.
The NNPCL boss said the country does not have any issues of quality in the Premium Motor Spirit (PMS) also known as petrol across the country.
“The talk around fuel quality is unfortunate and a very bad marketing practice. It’s all drama and entertainment and as we know, drama has a way of entertaining the people,” Kyari stated.
He said the PMS has quality standards obtainable in every country and there are no two countries that have the same standards.
Citing an example, Kyari said “in Europe, oxygenate (a fuel additive) has to be introduced into PMS otherwise it will solidify the tank in people’s cars. But if the same fuel additive is introduced into cars in Nigeria, it turns to water once it gets into contact with air. In essence, what is required by law to be introduced in one country, it is also required by law not to be introduced in another country.”
He added that in the case of Nigeria, the country has standard regulatory agencies such as the Standard Organisation of Nigeria (SON) and the Nigerian Midstream & Downstream Regulatory Agency (NMDPRA), whose job is to ensure that every product that comes into this country meets the required product specifications and standards.
“I believe these regulatory agencies are doing their job. They have not come back to tell anyone that we have substandard products in the country,” Kyari told the audience.
The NNPC helmsman said, already, the company had taken the necessary legal and security steps to ensure that people (behind such video) don’t mess up the country.
He said “the implications of such acts are not only on NNPC Ltd anymore but more about messing up the whole country.”
Kyari, who maintained that people can have their frustrations, cautioned that falsehood should never be extended into business.
…Soneye speaks further
Making further clarifications in a statement, Tuesday, Chief Corporate Communications Officer of the company, Mr. Olufemi Soneye, said: “The report alleging that NNPC Limited imported over 200 million litres of PMS in February 2025 is completely false, baseless, and a reckless misrepresentation of facts. It is either the result of lazy and unprofessional journalism or a deliberate, sponsored attempt by economic saboteurs to mislead the public.”Setting the records straight, the CCCO explained: “We do not control the import activities of private marketers, nor do we issue import licenses. Attributing all PMS imports to NNPC is not just misleading—it is outright deceptive and irresponsible journalism that ignores basic fact-checking principles.
“While NNPC Limited has not imported PMS in 2025, let it be clear that there is no legal restriction preventing us from doing so if necessary. As Nigeria’s foremost energy company, we have a duty to ensure energy security. Should any supply shortages arise, NNPC Limited retains the full right and responsibility to step in and import to stabilise the market.
“Misinformation of this magnitude does a grave disservice to the public, distorts market realities, and misleads key stakeholders. NNPC Limited will not tolerate the spread of false and malicious reports aimed at undermining its reputation. We will take all necessary legal measures to hold accountable those responsible for fabricating and disseminating falsehoods about our operations.”
He therefore urged “media organizations to uphold journalistic integrity by verifying facts before publishing misleading narratives. NNPC Limited remains committed to transparency and will not be swayed by attempts to manipulate public perception.”
…Company completes recruitment process
Meanwhile, the NNPCL said it has successfully concluded its recent recruitment drive.
In a post on X (Twitter), Soneye said: “NNPC Limited is delighted to announce the successful conclusion of its recruitment exercise, which was conducted with utmost fairness, transparency, and rigor, and is highly regarded as one of the best in the country.
“Following this completion, successful candidates will be receiving their appointment letters.
“We express our sincere gratitude to all applicants who participated in the process. We are hopeful that those who were not selected this time will look forward to future opportunities with NNPC Limited.
“We continue to uphold our commitment to excellence and equal opportunity in our hiring processes as we strive to build a world-class energy company.”
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