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Inflation above 30% in 19 states, FCT despite national easing

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Despite Nigeria’s headline inflation rate easing marginally in June 2026, residents in more than half of the country’s states continued to face annual inflation above 30 per cent, with Niger, Kogi and the Federal Capital Territory recording the highest rates.

The latest Consumer Price Index report released by the National Bureau of Statistics showed that headline inflation slowed slightly to 15.91 per cent in June from 15.93 per cent recorded in May.

However, an analysis of the state-by-state inflation data by The PUNCH showed that 19 states and the FCT, representing 20 of Nigeria’s 37 sub-national entities or 54.1 per cent, recorded annual all-items inflation rates above 30 per cent in June.

The analysis also showed that Imo, which recorded the country’s lowest annual inflation rate at 19.47 per cent, was still 3.56 percentage points higher than the national headline inflation rate, showing the wide disparity between the national average and inflation experienced across the states.

According to the NBS data, Niger recorded the highest annual headline inflation rate at 42.23 per cent, followed by Kogi with 41.59 per cent and the FCT with 39.91 per cent.

The NBS report read, “In June 2026, the All-Items inflation rate on a Year-on-Year basis was highest in Niger (42.23 per cent), Kogi (41.59 per cent), and Abuja (39.91 per cent), while Imo (19.47 per cent), Ebonyi (20.79 per cent) and Katsina (21.87 per cent) recorded the lowest rise in Headline inflation on a Year-on-Year basis.”

Other states with inflation rates above 30 per cent were Kwara (36.52 per cent), Plateau (35.82 per cent), Sokoto (35.22 per cent), Benue (35.06 per cent), Osun (34.46 per cent), Yobe (34.40 per cent), Kebbi (34.07 per cent), Enugu (34.00 per cent), Bauchi (33.68 per cent), Gombe (33.51 per cent), Oyo (32.81 per cent), Lagos (32.28 per cent), Akwa Ibom (31.85 per cent), Adamawa (31.82 per cent), Ekiti (31.00 per cent), Taraba (30.54 per cent), and Abia (30.28 per cent).

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The remaining 17 states recorded annual inflation below 30 per cent. Among them, Imo posted the lowest rate at 19.47 per cent, followed by Ebonyi (20.79 per cent) and Katsina (21.87 per cent).

Others were Rivers (23.73 per cent), Zamfara (24.00 per cent), Kaduna (24.71 per cent), Edo (25.90 per cent), Cross River (25.91 per cent), Delta (26.31 per cent), Borno (26.62 per cent), Kano (26.80 per cent), Anambra (27.37 per cent), Ondo (28.14 per cent), Ogun (28.18 per cent), Jigawa (29.06 per cent), Nasarawa (29.11 per cent), and Bayelsa (29.66 per cent).

The bureau, however, noted that inflation figures should not be used for direct interstate price comparisons because consumer spending patterns and the weighting assigned to goods and services differ across states.

The report also showed that food inflation remained considerably higher across many states than the national average. Kogi recorded the highest annual food inflation rate at 53.02 per cent, followed by Niger (43.83 per cent) and Benue (40.83 per cent).

The FCT recorded 40.20 per cent, while Adamawa (39.61 per cent), Osun (39.56 per cent), Kwara (39.00 per cent), Kebbi (37.59 per cent), Sokoto (37.01 per cent), Plateau (36.84 per cent), Yobe (36.68 per cent), Enugu (35.24 per cent), Gombe (34.43 per cent), Kaduna (34.41 per cent), Bayelsa (34.03 per cent), Jigawa (33.92 per cent), Ekiti (33.04 per cent), Akwa Ibom (32.93 per cent), Edo (32.66 per cent), Bauchi (31.54 per cent), Zamfara (30.84 per cent), Delta (30.66 per cent), Nasarawa (30.48 per cent), Cross River (30.39 per cent), and Oyo (30.17 per cent) also recorded food inflation above 30 per cent.

At the other end of the ranking, Katsina recorded the lowest annual food inflation rate at 19.15 per cent, followed by Rivers (23.81 per cent) and Imo (24.60 per cent).

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Nationally, food inflation stood at 17.52 per cent year-on-year in June, compared with 25.41 per cent in the corresponding period of 2025. On a month-on-month basis, however, food inflation accelerated to 3.75 per cent from 2.98 per cent in May, driven by increases in the prices of crayfish, fresh pepper, tomatoes, dried green peas, yam flour, water yam, beef, banana, cassava flour, cowpea, garri, Irish potatoes and yam tubers, according to the NBS.

The state-level data also reflected divergent monthly price movements. Niger recorded the highest month-on-month headline inflation at 11.65 per cent, followed by Katsina (8.13 per cent), Kwara (7.52 per cent), Gombe (7.09 per cent), Kebbi (6.99 per cent), Plateau (6.53 per cent), and Lagos (6.37 per cent).

In contrast, Bayelsa recorded the largest monthly decline in headline inflation at -6.48 per cent, followed by Benue (-5.58 per cent), Cross River (-5.12 per cent), Borno (-4.37 per cent), and Anambra (-4.17 per cent).

For food inflation, Katsina recorded the highest month-on-month increase at 16.82 per cent, ahead of Kebbi (9.79 per cent) and Niger (8.96 per cent), while Borno (-3.54 per cent), Benue (-2.36 per cent), and Bayelsa (-1.34 per cent) recorded the biggest monthly declines.

Although Nigeria’s headline inflation rate eased marginally in June, the latest figures indicate that price pressures remain elevated across much of the country, with more than half of the states and the FCT still recording annual inflation above 30 per cent.

Commenting on the latest inflation figures, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said the June report pointed to a broad stabilisation in headline inflation but warned that rising food prices remained the biggest threat to households.

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Yusuf noted that while headline inflation eased marginally from 15.93 per cent in May to 15.91 per cent in June, the acceleration in food inflation showed that structural pressures persisted across the economy.

He said, “The dominant concern in the report is the renewed acceleration in food inflation. Year-on-year food inflation increased from 17.43 per cent to 17.52 per cent, while month-on-month food inflation rose sharply from 2.98 per cent to 3.75 per cent, the strongest monthly increase in several months. This suggests that food prices have resumed an upward trajectory after a brief period of moderation.”

According to him, food inflation remains the biggest driver of Nigeria’s cost-of-living crisis, eroding household purchasing power, worsening poverty and food insecurity, and weakening the inclusiveness of ongoing economic reforms.

Yusuf argued that the inflation challenge remained largely structural rather than monetary, citing insecurity, high transportation and logistics costs, elevated energy prices, rising fertiliser costs, supply chain disruptions and imported inflation as the major drivers of rising prices.

He added that the June inflation figures did not justify another monetary policy tightening by the Central Bank of Nigeria, saying the immediate priority should be coordinated structural reforms to boost food production, improve logistics, reduce energy and production costs, deepen domestic petroleum refining and strengthen productivity across the economy.

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Read how Nigerians tap savings, loans to buy Dangote refinery shares

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Some Nigerians seeking to invest in the Dangote Petroleum Refinery and Petrochemicals FZE Initial Public Offering have turned to personal savings, loans and proceeds from the sale of assets to raise funds to buy shares, Saturday PUNCH has learnt.

Findings by our correspondents revealed strong interest in the shares among prospective retail investors, some of whom said they expected the investment to yield substantial returns in the future.

While some respondents said they were dipping into savings or raising funds through other means, others said the prevailing economic hardship had made it difficult for them to participate in the offer.

The refinery opened its IPO on Monday, September 14, giving Nigerians an opportunity to own equity in the company.

The offer comprises 4.1 billion ordinary shares priced at N525 each, with the company targeting about N2.15tn to part-fund an expansion that would nearly double the refinery’s capacity to 1.4 million barrels per day.

The minimum subscription is 10 shares, costing N5,250.

Dangote Group Chief Executive Officer, Aliko Dangote, said the low entry threshold was deliberately set to allow ordinary workers, including drivers, cooks and domestic staff, to become shareholders, describing the offer as “the IPO for the people.”

The offer is expected to close on October 13.

Investors turn to savings, loans

A staff member of the Federal Ministry of Works, David Adelabu, described the shares as expensive for struggling civil servants but said he considered the offer an opportunity to become a shareholder in the refinery.

He said, “I have small shares in some companies, including Glo and MTN, but Dangote’s shares will be the highest I will be buying. It is on the high side, but I feel this is an opportunity to become a shareholder in Dangote.

“I understand that the dividends are not going to be immediate, but I don’t mind even if it will entail selling a plot of land I have in Metumbi here in Minna. I will gladly do so.”

A trader in Dutse, Jigawa State, Adamu Bala, said he planned to use savings from his business to buy the shares.

See also  36 states’ budgets jump 47% to N40tn, capital spending falls

“I will not sell my house. I will use a small profit from my shop to buy,” he said.

Similarly, a civil servant, Fatima Mannir, said women in her group had started raising money through contributions, known as adashe, to participate in the offer.

“We have started raising money through adashe,” she said.

A trader in Damaturu, Yobe State, Malam Musa Ibrahim, said he invested part of his business savings after learning about the offer.

“I am using part of the money I have saved from my business.

“I believe that if I can invest a small amount now, it may become useful to me in the future. But I am also being careful because business is not easy at the moment,” he said.

Another resident, Aisha Mohammed, said she raised money by cutting down on some household expenses.

“I did not borrow money to buy the shares. I have been saving little by little, and when I heard about the offer, I decided to use part of what I had saved,” she said.

A businessman, Abdullahi Yusuf, however, said he obtained financial assistance from a friend to increase his subscription.

“I wanted to buy more shares than what my savings could afford, so I discussed it with a friend who agreed to lend me some money.

“I know that borrowing money to invest carries risks, but I am hoping that the investment will perform well. I will repay the money from my business income,” he said.

A petty trader, Hauwa Lawan, said she sold some personal belongings she no longer used and added the proceeds to her savings to finance her purchase.

“I sold some things that I was no longer using and added the money to my savings,” she said.

A farmer, Mallam Abdullahi Adamu, said he sold farm produce to raise about N500,000 to invest in the shares.

In Kano State, an investor, Abdulmalik Ibrahim, said he bought 10 shares for N5,250 using personal funds.

Hardship keeps some investors away

While some Nigerians are finding ways to participate in the IPO, others said economic pressures had put the investment beyond their reach.

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A civil servant in Kogi State, Saliu Joseph, said he would have loved to invest but had just paid his children’s school fees.

“Right now, I don’t think I can afford to participate unless a miracle happens,” he said.

A retired permanent secretary in the state, Bola Boro, also said he would not participate because he could not afford the investment at the moment.

“As a retired civil servant, I cannot afford such an amount to invest in the offer. Even though I am a fan of investment through the stock market, which I have been doing for years, I don’t think it will be convenient for me to participate considering the time frame of just one month,” he said.

A civil servant, Kuta Abdulahi, said the financial demands of his children’s education had left him unable to participate in the share offer.

“I must tell you the truth, I know about the Dangote Refinery shares, but I cannot even think of it at this time. My children are just resuming a new term in school. Where will I get the money for their school fees before thinking of buying shares? Please, I have a lot on my head,” he said.

Similarly, a vulcaniser, Ahmed Alkali, said his income was barely enough to meet his family’s basic needs, making investment in shares difficult.

“With the kind of job I do, I am working from hand to mouth. So, how can I buy shares when I have not eaten?” he asked.

Experts warn against borrowing

Investment experts, however, cautioned Nigerians against taking loans, selling properties or committing all their savings to the IPO, warning that equity investments carry risks.

Speaking with Saturday PUNCH, the Group Managing Director of Lancelot Group, Adebayo Adeleke, urged prospective investors to understand the risks associated with the capital market before committing their funds to the IPO.

Adeleke, who is also a former Secretary of the Independent Shareholders Association of Nigeria, said capital market investments should be made with funds that investors could afford to leave untouched for the long term, noting that equities were unsuitable for people struggling to meet immediate financial needs.

He said, “When you buy shares, you are buying a portion of the ownership of the business. Investment takes a lot of time to pass through gestation, to stability, to profitability. And you cannot, with any degree of certainty, predict when the company is going to turn the corner and begin to produce profits.

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“So, investment money is not the money you are likely to need in the next two months, three months, six months, even one year. If you cannot part with your money for a minimum of three to five years, the capital market is not the place to invest.”

Adeleke, however, described the IPO as a strategic investment, citing the refinery’s scale and demand for its products.

Also speaking, the Head of Financial Institutions Ratings at Agusto & Co., Ayokunle Olubunmi, urged Nigerians to consider the risks associated with the investment and avoid committing all their savings to the offer.

He said, “There are plenty of risks to this business. It’s not risk-free. Things can get worse for the business. Valuation is based on expectations of what will happen in the future. Things might not go as planned. And, like we all know, equity is a risky business.”

Olubunmi particularly cautioned prospective investors against selling property or using up all their savings to invest in the offer.

He advised them to invest only a portion of their funds and diversify their portfolios.

The expert also advised those considering taking loans to buy the shares to have a separate and reliable repayment plan rather than depending on returns from the investment.

The Emir of Kano, Muhammadu Sanusi II, had earlier warned prospective investors against using their children’s school fees or selling their homes to invest in the shares.

Sanusi, who gave the warning on Thursday while speaking at the company’s roadshow in Kano, urged prospective investors to invest only money they could afford to set aside for some time, suggesting amounts such as N10,000, N20,000 or N30,000.

Source: punchng.com

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ARE NIGERIANS BUILDING CHINA’S ECONOMY WHILE NEGLECTING THEIR OWN?

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While other nations are busy producing, manufacturing and exporting, Nigeria must ask itself a difficult question: Are we building our own economy, or simply creating a bigger market for other countries?

Nigeria has a huge population, abundant natural resources and a massive consumer market. Yet the country continues to depend heavily on imported finished products—from electronics and clothing to machinery, household goods and other consumer items.

The issue is not simply about Chinese businesses or businesses from any other foreign country operating in Nigeria. Foreign investment can bring capital, technology, jobs and expertise.

The bigger issue is whether **Nigerian businesses are being given the opportunity and support to manufacture competitively at home.

Instead of remaining primarily a consumer of finished products, Nigeria needs to strengthen its manufacturing sector and move further up the value chain.

Nigeria needs to produce, not just consume.

A stronger manufacturing economy could help Nigeria:

* Create more jobs for Nigerians
* Add value to locally available raw materials
* Develop industrial skills and technology
* Reduce excessive dependence on imported finished goods
* Build competitive Nigerian companies
* Increase the country’s ability to export

The goal should not be to drive legitimate foreign businesses out of Nigeria. The goal should be to build an economy where **Nigerian manufacturers can compete, grow and eventually take Nigerian-made products to markets around the world.

The question Nigerians should be asking is simple:

**Why should Nigeria remain one of the world’s biggest markets for finished products when we have the potential to manufacture many of them ourselves?

See also  Presidency, OPS kick against Atiku’s petrol subsidy push

🇳🇬 **Nigeria must move from being predominantly a consumer nation to becoming a stronger producer, manufacturer and exporter.

What do you think?

Which products should Nigeria prioritize for local manufacturing instead of relying heavily on imports?

Share your thoughts in the comments.

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ICRC defends toll pricing on highways

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The Infrastructure Concession Regulatory Commission has defended the toll pricing structure under the Highway Development and Management Initiative, saying charges are evaluated against the quality and benefits of the upgraded roads.

In a statement made available to PUNCH Online on Thursday, the Director-General, Dr. Jobson Ewalefoh, cited the 227-kilometre Akwanga–Makurdi road corridor as an example.

He said the route has four toll gates, and motorists pay as they travel along it.

He argued that toll payments should be viewed against the previous costs imposed by the poor condition of the road, including lost man-hours, vehicle damage and accident risks.

Feedback from road users, he said, shows many motorists are willing to pay tolls where they see clear improvements in road quality.

Some drivers have expressed support for similar arrangements on other major corridors if the roads are upgraded to the same standard.

“That, to me, is the beauty of a well-structured PPP,” Ewalefoh said.

He explained that negotiators carefully consider toll pricing to keep charges fair. A portion of the revenue is set aside specifically for road maintenance. Under the concession agreements, the government does not bear additional maintenance costs for the duration of the contract.

The government must repair potholes within 48 hours, and it funds major routine repairs from the dedicated toll revenue.

Source: punchng.com

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