Public Management

Nigeria Inflation Hits 28-Year High in April 2024

Nigeria Inflation Hits 28-Year High in April 2024
Thursday, 16 May 2024 11:15

Inflation in Africa's most populous nation soared to its highest level in 28 years in April 2024, propelled by the reduction of subsidies on energy products and the currency devaluation twice.

Data released yesterday by the National Bureau of Statistics (NBS) showed that Nigeria's inflation reached its highest level since 1996, standing at 33.69% yoy, up from 33.20% in March.

Food and non-alcoholic beverages continued to be the largest contributor to inflation during the past month. The Consumer Price Index for this category hit 40.53% on an annual basis in April, compared to 40.01% in March.

The surge in inflation can be traced back to the reduction of subsidies on energy products and the currency devaluation, both decisions made by the Tinubu administration. To combat inflationary pressures, the Nigerian Central Bank has raised interest rates twice since the beginning of the current year, stating that these rates will remain high for as long as necessary.

In the same vein, on April 30, the government announced an increase in civil servants' salaries from 25% to 35%, retroactive to January. It also relaunched a program of direct social transfers to needy families, and distributed at least 42,000 tonnes of cereals such as corn and millet.

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
Nigeria’s BoI launches CBN-approved Islamic finance window Bank to offer Ijara leasing and Mudaraba contracts Move targets underserved businesses,...
Jumia will cease operations in Algeria in February 2026, a market that accounted for about 2% of its 2025 gross merchandise volume (GMV). The company...
 Kenya is considering issuing new eurobonds to refinance maturing debt and improve its repayment profile, Finance Minister John Mbadi...
Congo raises $700 million in 2035 bond issue Proceeds to refinance 2032 Eurobond, ease near-term pressures Order book topped $2...
Most Read
01

Deposits grow 2.7%, supporting lending recovery Average loan sizes small, credit risk persists ...

Togo Microfinance: Deposits and Loans Rise Simultaneously in Q3 2025
02

Oil majors expand offshore exploration from Senegal to Angola Gulf of Guinea accounts for about 1...

Gulf of Guinea regains appeal as a key exploration hub for oil majors
03

Rwanda, partners break ground on $2 billion Kigali Innovation City Smart city targets ...

Rwanda Mobilises Global, Local Finance for $2Bln Innovation City Targeting Africa’s Digital Economy
04

MTN is considering buying back telecom towers it sold years ago, signalling that control of infras...

MTN’s Talks to Buyout IHS: A Strategic Reversal That Could Reshape African Telecoms
05

The government is asking SOTEL and Airtel to amend a 2025 agreement The N’Djamena–Mberé route...

Chad Reopens Talks with Telecom Operators Over Strategic Fiber Link
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.