The Central Bank of Nigeria (CBN) just shared a report saying the country’s high prices are because of insecurity and crumbling infrastructure. This Q4 2024 economic update, fresh from the CBN, shows inflation climbing to 34.80% by year’s end up from 32.70% in the last quarter. They’re pointing fingers at skyrocketing energy costs, a weak naira, plus bandits and bad roads making life tough for everyone.
The report digs deep claiming food and everyday stuff in the CPI basket shot up, with over 74% of items way past the old average of 14.60% from 2010 to 2023. That’s a jump from 70% last quarter, showing prices are wild across the board. Hoarding’s a problem too, but the CBN says things might cool off in 2025. Still, folks on the ground aren’t feeling any relief yet as living costs keep climbing, and farmers can’t farm in peace with criminal herders attacking.
Meanwhile, the National Bureau of Statistics (NBS) says inflation dropped to 24.48% in January 2025, thanks to a big update in how they count it this is the first time since 2009. Adeyemi Adeniran bragged in Abuja that this new method matches global tricks, making numbers sharper. But Nigerians are not impressed as food is still 26.08% pricier year-on-year, and with insecurity everywhere, people say the government’s figures don’t match the pain they are currently going through.