Economy
Nigerians Struggle With Worsening Food Inflation During Eid-El-Kabir
Writing by Sediq Mutari....KINDLY READ THE FULL STORY HERE▶
As Nigerian Muslims joined their global counterparts in celebrating Eid-El-Kabir, the festivities were overshadowed by worsening economic hardship and rising food inflation.
Economic Strain Dampens Celebrations
Reports by DAILY POST indicate that many Muslims observed the holiday on a low key due to escalating inflation, which has driven up the prices of food items and transportation. The inflation rate reached 33.95% in May, causing daily price increases.
Soaring Food Inflation
According to the Nigeria Bureau of Statistics (NBS), food inflation in Nigeria stands at over 40%, making it increasingly difficult for many to afford basic food items.
Market Prices on the Rise
During visits to various markets on the outskirts of the Federal Capital Territory (FCT), Abuja, DAILY POST found that prices continue to climb. Consumers expressed frustration that, despite the Naira’s appreciation against the dollar, food prices remain exorbitant.
A pepper and tomato dealer named Dauda at Mararaba Market revealed that a basket of tomatoes now sells for N200,000, compared to N40,000 in April. Smaller baskets and mini buckets of tomatoes were priced between N10,000 and N15,000.
Cost of Livestock
At ram selling points in Mararaba, the price of an average-sized ram exceeded N80,000, with some selling for up to N500,000. Similarly, at the Kugbo ram market in Abuja, prices have surged due to inflation, insecurity, increased transportation costs, multiple taxes, and rising feeding expenses.
A ram dealer highlighted that a ram costing N350,000 last year now sells for N550,000. Transporting a ram from the Niger Republic border has increased from N2,000 to N8,000, and a trailer load’s cost has risen from N500,000 to over N1,000,000.
Public Outcry
Consumers expressed their struggles in affording essential items. A Muslim faithful recounted his inability to buy a big ram due to high prices, settling for a smaller one at N85,000 instead of the N190,000 he initially intended to purchase.
Adamu Hassan, a commercial motorcyclist, noted that despite his efforts, he couldn’t afford a ram due to escalating prices. He emphasized that religious obligations shouldn’t impose financial burdens beyond one’s capacity.
Low Patronage and Business Struggles
Food seller Njoku Mary reported low customer turnout due to the high cost of goods and reduced purchasing power. Prices of basic commodities like Maggi and spaghetti have more than doubled, affecting her profit margins.
Similarly, Ene Joseph, a grocery and provisions trader at Nyanya Market, lamented the hardships caused by hyperinflation, citing significant increases in the prices of items like milk and bread. Another trader mentioned that local rice now costs between N2,500 and N2,700 per mudu, while a 50kg bag of rice ranges from N70,000 to N80,000.
Calls for Government Intervention
Buyers like Mohammed criticized the economic situation and opportunistic pricing practices, urging the government to monitor and control market prices to alleviate the rising cost of living.
Overall, the Eid-El-Kabir celebrations have highlighted the severe economic challenges faced by Nigerians, emphasizing the need for urgent measures to address inflation and support the population.
According to Nivo News, the World Bank has projected that Nigeria’s economy will grow by 4.4 percent in 2026 and 2027, driven by new tax legislation, prudent monetary policies, and ongoing economic reforms. The announcement was made in the bank’s January 2026 Global Economic Prospects report, which described the anticipated growth rate as the fastest for Nigeria in over a decade.....KINDLY READ THE FULL STORY HERE▶
This latest projection represents an upgrade from the World Bank’s previous forecast of 3.7 percent published in June 2025. The bank highlighted that reforms in the tax system, combined with continued monetary prudence, are expected to stimulate economic activity, improve investor confidence, and reduce inflation. It also noted that increased oil production is likely to offset lower global oil prices, boosting fiscal revenue and strengthening Nigeria’s external balance.
The projection comes against the backdrop of Nigeria’s Gross Domestic Product (GDP) growth of 3.98 percent year-on-year in real terms during the third quarter of 2025, as reported by the National Bureau of Statistics.
Nigeria’s headline inflation rate eased to 14.45 per cent year on year in November 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS). The report showed that while consumer prices continued to rise on a monthly basis, annual inflation moderated significantly under the revised base year.....KINDLY READ THE FULL STORY HERE▶
The CPI increased to 130.5 points in November from 128.9 points in October, marking a 1.6-point month-on-month rise. Despite this, the headline inflation rate declined from 16.05 per cent recorded in October. The NBS highlighted that the November 2025 figure represents a 1.6 percentage point decrease compared with the previous month.
Monthly inflation, however, rose to 1.22 per cent in November from 0.93 per cent in October, indicating that average prices increased at a faster pace during the month despite the moderation in annual inflation. Headline inflation for November 2025 was 20.15 percentage points lower than the 34.60 per cent recorded in November 2024, reflecting the impact of the rebasing exercise that reset the base year to 2024 from 2009.
Over the twelve months ending November 2025, the average CPI increased by 20.41 per cent, down sharply from 32.77 per cent in the corresponding period of 2024. Food and non-alcoholic beverages remained the largest contributor to annual headline inflation at 5.78 percentage points, followed by restaurants and accommodation services at 1.87 percentage points, and transport at 1.54 percentage points. Housing, water, electricity, gas and other fuels added 1.22 percentage points, while education and health contributed 0.90 and 0.88 percentage points, respectively. On a month-on-month basis, food and non-alcoholic beverages drove price increases with a contribution of 0.49 percentage points.
Urban inflation declined sharply to 13.61 per cent year on year in November, down 23.49 percentage points from November 2024, while rural inflation remained higher at 15.15 per cent but fell 17.12 percentage points from the previous year. Month-on-month, urban inflation slowed to 0.95 per cent, while rural inflation accelerated to 1.88 per cent.
Food inflation moderated annually to 11.08 per cent in November 2025 from 39.93 per cent in November 2024. Monthly food inflation rose to 1.13 per cent, driven by price increases in items such as dried tomatoes, cassava tubers, ground pepper, eggs, crayfish, egusi, oxtail, and fresh onions. Core inflation, which excludes volatile agricultural and energy prices, stood at 18.04 per cent year on year, down from 28.75 per cent in November 2024.
State-level data showed Rivers recorded the highest year-on-year inflation at 17.78 per cent, followed by Ogun at 17.65 per cent and Ekiti at 16.77 per cent. Plateau had the lowest at 9.13 per cent, alongside Kebbi at 10.32 per cent and Katsina at 10.60 per cent. The NBS cautioned that interstate comparisons should be interpreted carefully due to differing consumption patterns and CPI weights across states.
The Nigerian National Petroleum Company Limited (NNPCL) has set a crude oil production target of more than two million barrels per day for 2026, citing strong collaboration with pipeline host communities as a key factor in sustaining increased output.....KINDLY READ THE FULL STORY HERE▶
Akponime Omojevwhe, Head of Field Operations, Eastern Corridor, Project Monitoring Office (PMO), disclosed the projection during a monthly stakeholders’ meeting with host communities along the Trans Niger Pipeline in Port Harcourt. The meeting was organized by Pipeline Infrastructure Nigeria Limited (PINL).
Omojevwhe revealed that the 2026 national production budget is pegged at 2.80 million barrels per day (mbpd), with a starting benchmark of 1.84 mbpd and a targeted achievable output of 2.06 mbpd. He affirmed that the Trans Niger Pipeline is currently operating efficiently, attributing its success to the active cooperation between local communities, stakeholders, and PINL.
He emphasized that community participation is critical to pipeline protection, stating, “No private security structure can succeed without grassroots involvement. The communities are a vital part of this job. Their continued support ensures uninterrupted flow along the pipeline.”
Edi Julius, representing the Minister of State for Petroleum (Oil), Heineken Lokpobiri, lauded the partnership between PINL and the communities, noting that local peace is essential for boosting national oil production. “We are confident that by 2026, Nigeria will exceed two million barrels per day, generating additional revenue and enabling greater support for host communities,” he added.
Dr. Akpos Mezeh, General Manager of Community and Stakeholders’ Relations at PINL, reviewed the year’s progress, highlighting achievements such as strengthened security along the TNP corridor, expanded stakeholder engagement, empowerment programs for women and students, zero incidence of illegal bunkering, and improved community-company trust. He also announced Christmas palliatives for the 215 TNP host communities.
Responding on behalf of the host communities, His Majesty King Philip Osaro Obele urged the federal government to channel more development projects into the region. He praised PINL for its transparency and consistent engagement, emphasizing that ongoing dialogue is essential to maintaining peace along the pipeline.
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