Connect with us

Business

Nigeria’s Inflation Rate Soared 67 Times During Emefiele’s Tenure

Published

on

Nigeria has experienced a significant increase in inflation over the past nine years. The analysis of inflation rate data provided by the Central Bank of Nigeria reveals that when Godwin Emefiele assumed office as the suspended CBN Governor in June 2014, the consumer price index stood at 8.2 percent. However, as of April 2023, the country is grappling with an inflation rate of 22.22 percent, reaching its highest level in 17 years. This indicates a rise of 14.02 percentage points during Emefiele’s tenure.

The report breaks down the number of times inflation rose during this period. It rose three times between June and December 2014 and increased ten times in 2015, with the exception of July and October. Inflation worsened in 2016, hitting double-digit figures in February and rising 12 times throughout the year. The country entered a recession in 2016, the first during Emefiele’s tenure.

Although there was some improvement in 2017 with inflation rising only in July and recording different rates of decline, 2018 saw a rise four times, specifically in August, September, November, and December. In 2019, inflation rose six times, indicating higher costs for Nigerians. The COVID-19 pandemic in 2020 further exacerbated the situation, with inflation rising from 12.13 percent in January to 15.57 percent in December. Inflation rose four times in 2021, but the improvement faded in 2022, with inflation rising ten times except in January and December. By the end of 2022, inflation had risen 63 times under Emefiele’s leadership.

The report also highlights that inflation has been consistently rising in 2023, from 21.82 percent in January to 22.22 percent in April, despite the Central Bank of Nigeria’s efforts to curb it through tightening monetary policies. Last year, the CBN increased interest rates and implemented the naira redesign policy to control the circulation of cash. The Monetary Policy Rate (MPR) was raised from 11.5 percent in May 2022 to 18.5 percent in May 2023, resulting in an approximately 800 basis point increase in Nigeria’s interest rate within a year.

CBN Governor Godwin Emefiele defended the decision to hike the MPR, stating that it was necessary to address inflation and that lowering the rate would fuel inflationary pressures. The CBN plans to continue raising the MPR until inflation falls below 15 percent. However, the Lagos Chamber of Commerce and Industry (LCCI) has called on the CBN to explore alternative options to tackle the surging inflation, as the frequent interest rate hikes have not produced the desired result.

The World Bank has warned that rising inflation, along with climate change and other factors, is pushing at least 64 million Nigerians into poverty and food insecurity. The bank acknowledged the CBN’s efforts to control inflation through interest rate increases but highlighted the challenges posed by funding the fiscal deficit through ways and means advances.

The report also includes comments from industry experts and stakeholders who point to both external and internal factors contributing to Nigeria’s inflation rate. They mention the impact of external volatilities, such as importation of goods and the Russia-Ukraine war, as well as the CBN’s policies, including multiple exchange rates, as contributing factors to inflation.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Dangote Refinery Boosts Fuel Exports as Gulf Refineries Shut Down

Published

on


By: Fabian Apechihin

The Dangote Petroleum Refinery has ramped up fuel exports to international markets amid widespread refinery shutdowns in the Middle East, industry sources confirmed.

A senior official at the $20bn Lagos-based plant told The PUNCH that the facility exported significant volumes of petrol (PMS), diesel (AGO), and aviation fuel (Jet A1) to foreign buyers in August, following earlier shipments in June and July.

The surge comes as Saudi Aramco and other regional producers face heavy maintenance schedules, tightening fuel supply. Aramco has already shut down two plants and plans further closures, including its 460,000 b/d Satorp refinery in Jubail for a 60-day turnaround in November–December. Kuwait and India are also scaling back capacity for maintenance and seasonal demand.

According to Argus Media, these shutdowns are pushing Gulf nations to import record volumes of gasoline, with Saudi Arabia and the UAE sharply increasing purchases from Europe and other markets in recent months.

While some reports pointed to operational constraints at Dangote’s 650,000 b/d facility, the company dismissed such claims, insisting production is on track to reach 700,000 b/d by December. Earlier this year, Aliko Dangote announced the refinery had sold two cargoes of jet fuel to Saudi Aramco and recently achieved exports of about 1 million tonnes of petrol between June and July.

“With Gulf refiners offline, Nigeria has now emerged as a net exporter of refined products,” Dangote said.

Analysts suggest the extended refinery outages in the Middle East will further strengthen demand for Dangote’s output, positioning the Nigerian plant as a key supplier in regional fuel markets.


Would you like me to tighten this further into a 5–6 paragraph wire-style news brief, or keep it as a detailed feature-style report with more context on Gulf refinery shutdowns?

Continue Reading

Business

US Oil Exports to Nigeria, Others Fall to 3.3m bpd as Local Output Rises

Published

on

By: Fabian Apechihin

The United States’ crude oil exports to Nigeria and other African countries fell for the fifth consecutive month in July 2025, averaging 3.3 million barrels per day (bpd), the lowest level since March 2022.

The Organisation of Petroleum Exporting Countries (OPEC) disclosed this in its August 2025 Monthly Oil Market Report (MOMR), attributing the decline to weaker flows to Europe and Africa, particularly Nigeria, but without giving further details.

Industry analysts link the slowdown to the ramp-up of local refining capacity, especially the 650,000 bpd Dangote Refinery, which has reduced Nigeria’s reliance on imported crude, including from the US. Vanguard checks also show that crude importation has slowed further in recent months due to improved domestic production.

According to OPEC data, Nigeria’s crude oil output—excluding condensates—rose by 11 per cent year-on-year to 1.559 million bpd in July 2025, up from 1.386 million bpd in the same period of 2024. This marks the country’s highest monthly production level so far this year.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) corroborated the figures, stating that overall output, including condensates, exceeded 1.8 million bpd in July.

Gbenga Komolafe, Chief Executive of the NUPRC, said the milestone was achieved through the agency’s “Project 1 MMBOPD Incremental” initiative, supported by a multi-stakeholder collaborative framework.

“We are glad to report that we crossed the 1.8 million bpd mark on peak production last month, with average production hovering at 1.78 million bpd,” Komolafe stated.

He added that the Commission is working to sustain production growth by optimising the Maximum Efficient Rate (MER) framework, improving produced water management, and aligning operational shutdowns and maintenance schedules to minimise disruptions.

“With these measures and continued collaboration, the presidential mandate on production increase is well within reach,” he said.


Do you want me to make this rewrite more concise for a newspaper front-page brief or keep it detailed like a full energy market report?

Continue Reading

Business

NDYPC Hails Otuaro’s Reforms in Presidential Amnesty Programme

Published

on

• Lauds transparency, fairness in beneficiary selection and grassroots empowerment

• Says reforms align with Tinubu’s Renewed Hope Agenda, restore trust in Niger Delta

The Niger Delta Youths for Positive Change (NDYPC) has commended the Administrator of the Presidential Amnesty Programme (PAP), Dr. Dennis Otuaro, for what it described as bold, people-focused reforms that are restoring trust and delivering tangible benefits to the Niger Delta.

In a statement signed and issued by Comrade Elliott Yibakeni, after the conclusion of leadership training sessions with ex-agitator leaders in Abuja, the group said the PAP, once in urgent need of renewal, is now undergoing a transformation that reflects transparency, fairness, and accountability.

“At a time when public trust in institutions was waning, Dr. Otuaro has emerged as a symbol of credibility and transformation,” the statement read. “His visionary leadership is restoring integrity, empowering communities, and driving a sustainable development agenda that resonates with the aspirations of the Niger Delta.”

According to NDYPC, under Otuaro’s leadership, beneficiary selection has become fair and merit-based, ending years of favoritism and political interference. The group added that access to education, skills training, and empowerment opportunities, both locally and abroad, is now guided by equity and open competition.

The group highlighted several internal reforms, including improved staff welfare, strengthened professional capacity, and strict adherence to best practices in public procurement. These, it said, have made the PAP more efficient, responsive, and transparent.

NDYPC also praised Otuaro’s inclusive governance style, noting his sustained engagement with traditional rulers, women leaders, civil society organizations, and local communities. This approach, the group said, has strengthened peace-building efforts and deepened trust between the PAP and the people it serves.

In line with President Bola Ahmed Tinubu’s Renewed Hope Agenda, the PAP has maintained consistent payment of stipends to ex-agitators and extended direct support to vulnerable populations. NDYPC also applauded new healthcare interventions for ex-agitators facing health challenges.

The statement further commended the programme’s investments in scholarships, vocational training, and economic empowerment initiatives aimed at preparing Niger Delta youths for leadership, innovation, and sustainable livelihoods.

“Every decision reflects a deep commitment to public trust, responsible stewardship, and long-term development,” NDYPC stated. “Under Dr. Otuaro’s watch, the Niger Delta is rising stronger, united, and filled with renewed hope.”

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.