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Nigeria’s Inflation Hits 21.47% in November, Highest in 17 Years – NBS
By Tony Obiechina, Abuja
Nigeria’s inflation for November 2022 rose to 21.47 percent from 21.09 percent recorded in October, by 1.39 percent. This is the highest peak in the past 17 years.
This is contained in the Consumer price index (CPI) report released by the Statistician-General of the Federation/Chief Executive Officer of the National Bureau of Statistics (NBS), Prince Semiu Adeyemi Adeniran.
According to the report, this was 6.07% points higher compared to the rate recorded in November 2021, which was (15.40%). This shows that the headline inflation rate increased in November 2022 when compared to the same month in the preceding year (i.
e., November 2021) by 6.07%.“The increase in the general price level in the annual inflation rate (Year-on-Year) can be attributed to an increase in the cost of importation due to the continual currency depreciation and a General increase in the cost of production due to a surge in energy cost.
“While on a month-on-month basis, the Headline inflation rate in November 2022 was 1.39%, which was 0.15% higher than the rate recorded in October 2022 (1.24%). The increase in the monthly inflation rate (month-on-month basis) is attributed to higher demand, usually experience during the festive season.
“The percentage change in the average CPI for the twelve months ending November 2022 over the average of the CPI for the previous twelve months period was 18.37%, showing a 1.39% increase compared to the 16.98% recorded in November 2021.
“The components that made up the food sub-index in November 2022 was 24.13% on a year-on-year basis; which was 6.92% higher compared to the rate recorded in November 2021 (17.21%).
“The rise in the food sub-index was caused by the increases in prices of Bread and cereals, Oil and fat, Potatoes, yam and other tubers, Food products n.e.c, and fish.
Whereas the month-on-month food inflation rate in November was 1.40%, this was 0.17% higher compared to the rate recorded in October 2022 (1.23%).
“The increase was attributed to an increase in prices of some food items like Oil and fat, Fruits, Fish and Tubers. The average annual rate of food inflation for the twelve-month ending November 2022 was 20.41%. This is 0.21% points decline from the annual rate of change recorded in November 2021 (20.62%)”, the report stated.
“The Core Inflation rate, that is all-items index less farm produce, which excludes the prices of volatile agricultural produce stood at 18.24% in November 2022 on a year-on-year basis; showing a rise of 4.39% when compared to 13.85% recorded in November 2021.
“On a month-on-month basis, the core inflation rate was 1.67% in November 2022, while the rate was 0.93% in October 2022. This shows a rise of 0.74%. The highest increases were recorded in prices of Gas, Liquid fuel, Passenger transport by Air, vehicle spare parts, and Solid fuel.
“The percentage change in the average CPI for the twelve months ending November 2022 was 15.69%, which was 2.73% points higher than the previous twelve months period which recorded 12.96% in November 2021.The urban consumers’ inflation rate for November 2022 on a year-on-year basis stood at 22.09%. This was 6.17% higher compared to the 15.92% recorded in November 2021,” the CPI report further stated.
The Report also noted that while on a month-on-month basis, the urban inflation rate was 1.50% in November 2022, adding that this was 0.16% higher compared to October (1.33%), even as the corresponding twelve-month average for the urban inflation rate was 18.90% in November. This was 1.35% higher compared to the 17.55% reported in November 2021.
“The inflation rate for rural consumers in November 2022 was 20.88% on a year-on-year basis; this was 5.99% higher compared to 14.89% recorded in November 2021. On a month-on-month basis, the rural inflation rate in November 2022 was 1.30%, indicating a rise of 0.14% compared to October 2022 (1.16%).
While the corresponding twelve-month average for the rural inflation rate in November 2022 was 17.88%. This was 1.46% higher compared to the 16.42% recorded in November 2021. In comparing the states’ profiles, all-item inflation rates for November 2022 on a year-on-year basis were highest in Ebonyi (26.11%), Kogi (25.84%), Rivers (24.45%), while Kaduna (18.87%), Sokoto (19.02%) and Cross river (19.17%) recorded the slowest rise in inflation.
“On a month-on-month basis, however, November 2022 recorded the highest increases in Ebonyi (3.16%), Niger (2.70%), Plateau (2.44%), while Ogun (-0.17%), Abuja (-0.12%) and Sokoto (0.25%) recorded the slowest rise on month-on-month inflation,” the CPI Report added.
Business News
DBN Signs $61m Credit Deal With AfDB, Unveils Support Initiative Report
By Tony Obiechina, Abuja
The Development Bank of Nigeria Plc (DBN) has launched DAWN: DBN Action for Women in Nigeria, unveiled its Impact Report and presented MSME Data Assets at the seventh edition of Annual Lecture held in Abuja.
DBN, in a statement on Thursday, said while delivering a welcome address, its Managing Director and Chief Executive Officer, Dr Tony Okpanachi, said the central challenge was no longer reforms themselves but ensuring benefits reach businesses at end of the chain.
He asked how to make sure benefits reach traders in Onitsha, fabricator in Aba, farmer in Kebbi and young founder in Yaba, noting that MSMEs accounted for about half of Nigeria’s GDP and more than eight in every ten jobs, adding that when reform works for MSMEs it works for most Nigerians.
He explained that reform becomes prosperity only when entrepreneurs can act on it whether through long tenor loans to buy equipment, banks willing to take risk or skills and records needed to grow.
He said working through Participating Financial Institutions DBN provides longer term funding, partial credit guarantees through subsidiary Impact Credit Guarantee Limited and capacity building including Entrepreneurship Training Programme.
He disclosed that as at December 2025 DBN had disbursed a cumulative N1.4 trillion to MSMEs through 84 Participating Financial Institutions creating about 1.6 million jobs nationwide.
Under the new five year strategy, the Bank aims to reach more than two million MSMEs with deliberate targets for women led businesses, youth led businesses and underserved states.
On DAWN, Okpanachi said finance alone had not enabled enough women-led businesses to scale.
He said initiative brings together financing, guarantees and credit support, technical assistance, outcome linked grants and market linkages delivered through banks, microfinance institutions, fintechs, aggregators, cooperatives and direct channels.
Its priority sectors are agriculture and exports, healthcare, arts and creatives, technology and green business.
He said DAWN is about moving gender focused lending beyond intention and turning access into opportunity.
On the sidelines of the lecture DBN and African Development Bank held a signing ceremony of AfDB DBN 61 million United States dollars Gender Line of Credit development that reinforces Bank commitment to women led enterprises.
Okpanachi urged Participating Financial Institutions to extend lending into sectors and states where access to finance has been limited, policymakers and regulators to measure reform by what changes for business at end of chain and MSMEs to formalise, keep good records and use support now available.
The Vice President as Special Guest of Honour was represented by Dr Fred Iklaga Senior Technical Adviser in the Office of Special Adviser to the President on Economy.
Keynote speakers were Chief Executive Officer of MTN Nigeria, Dr Karl Toriola, and Chairman of Nigeria Sovereign Investment Authority, Dr Segun Ogunsanya.
Fireside chat featured Chief Executive Officer of Sterling Bank Abubakar Suleiman, manufacturing and trade entrepreneur Mrs Omoyemi Chukwurah and by video Kola Masha of Babban Gona.
The Secretary to the Government of Federation, represented by Augusta Warren Bekaredebo, said 2026 tax reforms would bring relief to many small businesses expressing optimism that a lot of businesses will be smiling by next year because they will be exempted from tax.
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NLC Threatens Nationwide Action as Talks With FG Collapse
By Tambaya Julius, Abuja
The Nigeria Labour Congress (NLC) has threatened possible nationwide industrial action following the failure of talks with the Federal Government over workers’ welfare, petrol prices and other outstanding labour demands.
The warning came after a meeting between the government and organised labour at the Ministry of Labour in Abuja on Thursday, October 22, ended without an agreement.
The congress has given the Federal Government until Tuesday, October 27, to make meaningful progress on the issues, warning that its relevant organs would decide the next line of action if the next meeting fails to produce concrete commitments.
The NLC has also directed its affiliates, state councils and civil society allies to begin mobilising members for possible nationwide action.
In a statement issued after the meeting, the NLC Acting General Secretary, Benson Upah, expressed disappointment over what he described as the government delegation’s lack of preparedness for the negotiations.
According to the congress, organised labour presented its demands in good faith but left the meeting without any concrete commitments from the government.
The demands include a reduction in petrol prices to 2024 levels, renegotiation of the national minimum wage, implementation of agreed tax relief measures and resolution of the terms of settlement involving the Joint Health Sector Unions (JOHESU).
The congress also called for the resolution of issues raised by the Joint Public Service Negotiating Council (JPSNC) over peculiar allowances, wage awards and hazard allowances.
The NLC said the government delegation lacked the necessary authority to engage meaningfully on the issues presented by labour representatives.
“The meeting between the Federal Government and organised labour, convened at the Ministry of Labour in Abuja on 22nd October 2026, has ended without resolution,” the statement said.
It added that the Minister of Labour requested that the meeting be adjourned until October 27 to allow the government to prepare adequately for further discussions.
The preparations, according to the statement, would include bringing relevant ministers and heads of departments and agencies to the negotiating table.
The congress said it remained open to dialogue but would not accept continued delays in addressing workers’ concerns.
“We will report back to our organs, and if no meaningful progress is made on Tuesday, the relevant organs of the NLC will decide the next line of action,” it said.
The labour body urged workers and members of the public to remain calm while the negotiations continue, even as it directed its affiliates and allies to prepare for possible industrial action.
“However, we urge all affiliates of NLC and TUC; all state councils and our civil society allies to be alert and start mobilising for a possible action across the nation while we hope that the tenets of our demands are met by the government,” the statement added.
The October 27 meeting is expected to provide another opportunity for both sides to address the outstanding issues and prevent a possible escalation of the dispute.
However, the NLC’s decision to begin mobilisation suggests that tensions could rise if the next round of talks fails to produce meaningful progress.
COVER
Election Campaigns: FRSC Bars Officers from Politicians’ Escort
The Federal Road Safety Corps (FRSC) has barred its personnel from escorting politicians during campaigns for the 2027 general elections.
Zonal Commanding Officer, RS6, ACM Abimbola Owolabi, gave the directive during her maiden visit to the Cross River Command in Calabar on Wednesday.
Owolabi said patrol vehicles and sirens must not be used for political activities or private engagements, including weddings and funeral processions.
She directed officers deployed to campaign venues to focus exclusively on traffic management to prevent congestion and road crashes.
The zonal head warned personnel against leading political convoys or providing escorts for politicians, stressing that official vehicles must not be used for unauthorised purposes.


