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CPPE warns inflationary conditions remain severe for households, businesses

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The Centre for the Promotion of Private Enterprise (CPPE) has warned that Nigeria’s April inflation outlook points to a fragile disinflation process, noting that the conditions remain severe for households and businesses in the country.

The think tank made this known in a statement signed by its Chief Executive Officer, Muda Yusuf, on Friday, noting that inflation conditions remain severe from a welfare and business cost perspective.

The National Bureau of Statistics (NBS), in its April inflation report on Friday, stated that headline inflation rose marginally from 15.38 per cent in March to 15.69 per cent in April.

CPPE said the trend indicates that although inflationary pressures remain elevated, the pace of acceleration was relatively moderate.

It highlighted some positive signals in short-term inflation trends, pointing to broad-based moderation across key month-on-month indicators.

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The NBS report also shows that headline month-on-month inflation declined by 2.05 per cent, food inflation eased by 0.54 per cent, core inflation declined by 3.0 per cent, while urban inflation moderated by 1.3 per cent.

“More encouraging, however, was the moderation in the month-on-month inflation metrics across virtually all major indicators,” the think tank stated.

It also showed that rural inflation dropped sharply by 3.9 per cent, which CPPE said suggests a weakening in short-term inflationary momentum.

Warning

Despite this improvement, CPPE warned that inflationary conditions remain severe for households and businesses. It noted that food inflation stood at 16.06 per cent, while core inflation remained elevated at 15.86 per cent.

“The dominant inflation drivers continue to be food, transportation, energy products, healthcare and restaurant services, which together accounted for about 87 per cent of the inflation pressure recorded in April.

“These are essential expenditure items which absorb the bulk of household income, particularly among low-income Nigerians,” CPPE said.

The think tank attributed rising inflation risks partly to geopolitical tensions involving Iran, Israel, and the United States, which have increased volatility in global oil markets and pushed up energy costs.

The group stressed that Nigeria’s inflation challenge remains structural and supply-driven, arguing that monetary tightening alone is insufficient to address the underlying cost pressures in the economy.

“The conflict has triggered renewed volatility in the global oil market, pushing up crude oil prices and transmitting higher energy costs into the domestic economy.

“Rising petrol, diesel and gas prices are fuelling transportation, logistics and production costs across sectors, with significant pass-through effects on food prices and overall consumer inflation.

“This further underscores the structural and supply-side nature of Nigeria’s inflation challenge. Monetary tightening alone cannot resolve inflation driven by energy costs, logistics inefficiencies, food supply disruptions and weak infrastructure conditions,” it stated.

Solutions

The organisation advised that additional monetary tightening could worsen financing costs for businesses, weaken investment, and further constrain productivity growth.

It called for a stronger focus on supply-side reforms to address production and distribution bottlenecks.

READ ALSO: FG’s 2026 fiscal measures favour local production but pose risks for importers – CPPE

CPPE called on governments at all levels to intensify measures to reduce energy costs, while also advising businesses to prioritise energy efficiency and dynamic pricing models.

“The policy priority should therefore shift more decisively towards supply-side interventions. Governments at both federal and state levels should intensify measures to reduce energy costs, improve transportation infrastructure, strengthen food supply systems, enhance trade facilitation and support domestic productivity.

“For businesses, the operating environment remains extremely challenging. Firms should prioritise energy efficiency, dynamic pricing models, consumer segmentation and affordability-driven product strategies, including smaller pack sizes, as consumers become increasingly price-sensitive and discretionary spending weakens,” CPPE stated.


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NCC Urges Judges to Strengthen Digital Law Knowledge

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L -R: Hon Justice Habeeb A.O Abiru, Justice of the Supreme Court; Hon. Justice Babatunde A. Adejumo, Administrator, National Judicial Institute; Barr. Rimini Makama, Executive Commissioner Stakeholder Management, Nigerian Communications Commission, NCC; Chief Idris Olorunnimbe, Chairman Governing Board NCC; Hon. Justice Ibrahim M.M Saulawa, Justice of the Supreme Court, representing the Chief Justice of Nigeria; Mrs Chizua Whyte, Head Legal and Regulatory Services, NCC and Hon Justice Obande Festus Ogbuinya, Justice of the Supreme Court, during NCC’s 2026 Workshop for Judges on Legal Issues in Telecommunications on the 14th May 2026 at Sheraton Hotel, Ikeja Lagos.

   

BY NKECHI NAECHE-ESEZOBOR-Nigeria’s communications regulator,Nigerian Communications Commission,(NCC), has emphasised the need for judges to better understand telecommunications and digital security matters as the country increases its reliance on technology-driven systems.

At a judicial workshop in Lagos, Aminu Maida, represented by Rimini Makama, said telecom infrastructure now plays a vital role in Nigeria’s economy, security, and public services.

He explained that these systems have become critical national assets that support financial operations, public safety, governance, and citizen communication.

Maida noted that the rapid expansion of digital platforms has created new legal issues involving cybersecurity, online abuse, digital identity, consumer rights, and artificial intelligence.

He added that growing incidents of telecom vandalism, cyberattacks, and infrastructure disputes require judges to develop stronger knowledge of telecommunications laws and regulations.

The workshop was organised by the National Judicial Institute in partnership with the Nigerian Communications Commission.

The event focused on the judiciary’s role in connectivity, online safety, and the protection of digital infrastructure in a rapidly evolving technological environment.

Speaking at the programme, Kudirat Kekere-Ekun said courts must adapt to increasing cases involving cybercrime, data governance, privacy concerns, and online misconduct.

She stressed that technology-related disputes can no longer be treated as minor issues because governance, commerce, education, and financial transactions now depend heavily on digital connectivity.

Kekere-Ekun also stated that judicial decisions are important in shaping Nigeria’s digital legal framework, especially as the country seeks stronger broadband expansion, digital inclusion, and protection of its telecom ecosystem.

The post NCC Urges Judges to Strengthen Digital Law Knowledge appeared first on Business Today NG.

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PenCom grants one-off approval for PFAs to invest pension funds in Dangote Petroleum Refinery

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The National Pension Commission (PenCom) has granted Pension Fund Administrators (PFAs) a ‘one-off’ special approval to invest pension fund assets in the proposed Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE.

The approval was disclosed in a circular signed by the Director of the Surveillance Department at the Commission, A. M. Saleem. PenCom said the approval takes immediate effect.

According to the commission, the decision followed a careful evaluation of the strategic investment opportunity and the economic impact of the proposed IPO on both the pension industry and the wider Nigerian economy.

“The Commission has carefully evaluated the strategic investment opportunity and the economic impact of the proposed Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE (DPRP) on the pension industry and the wider economy.

“In light of these considerations, the Commission has reviewed the request for a special dispensation that would permit Pension Fund Administrators (PFAs) to invest pension fund assets in the IPO,” the circular stated.

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PenCom said it considered the refinery’s strategic importance, strong business fundamentals, economic benefits, and growth potential before approving the request.

It also noted that the track record of Dangote Industries Limited, the majority shareholder in DPRP, influenced the decision.

“In reaching its decision, the Commission considered DPRP’s strategic importance, strong fundamentals, wide-ranging economic benefits, and growth potential. The Commission also took into account the record of Dangote Industries Limited, DPRP’s majority shareholder,” PenCom stated.

According to the circular, the commission granted a special dispensation from Section 6.2.7.1 (iii) of the Revised Regulation on Investment of Pension Fund Assets.

The approval waives the existing requirements relating to the company’s years of existence, profitability, and dividend payment history, while maintaining other regulatory safeguards.

“Accordingly, the Commission hereby grants a special dispensation from Section 6.2.7.1 (iii) of the Revised Regulation on Investment of Pension Fund Assets.

“This dispensation involves waiving the applicable existence, profitability, and dividend requirements without prejudice to other extant regulatory safeguards,” it stated.

PenCom, however, directed PFAs to ensure that any investment made under the dispensation aligns with their internal investment policies, risk management frameworks, and fiduciary responsibilities to contributors and retirees.

READ ALSO: PenCom to channel pension capital into national development projects

The commission further clarified that the regulatory forbearance is exceptional, one-off, and strictly limited to the IPO of Dangote Petroleum Refinery & Petrochemicals FZE.

“The regulatory forbearance granted under this Circular is exceptional, one-off, and strictly case-specific to the Initial Public Offering of Dangote Petroleum Refinery & Petrochemicals FZE.

“It shall not constitute an automatic precedent for future Initial Public Offerings or other investment transactions,” PenCom said.


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