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Nigeria’s inflation up 15.93% amid high food prices

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Nigeria’s headline inflation rate rose to 15.93 per cent in May 2026, extending the upward trend recorded since the beginning of the year, according to the latest data released by the National Bureau of Statistics (NBS).

The figure shows an increase from the 15.69 per cent recorded in April, indicating that prices of goods and services continued to climb despite a slower monthly rate of inflation.

Data contained in the Consumer Price Index (CPI) report released by the NBS on Monday showed that the May inflation rate was 0.24 percentage points higher than the previous month.

However, on a month-on-month basis, inflation slowed to 1.75 per cent in May from 2.13 per cent recorded in April.

The NBS said the latest figures suggest that while prices are still rising, the rate of increase has moderated from the previous month.

“On a year-on-year basis, the Headline inflation rate rose to 15.93%, up from 15.69% in April 2026,” the bureau stated.

The latest increase marks the third consecutive rise in headline inflation this year.

Food inflation

Food prices, which remain one of the biggest drivers of household spending, also rose during the month.

According to the NBS, food inflation rose to 16.96 per cent in May from 16.68 per cent in April.

The bureau attributed the increase to price changes in key staple foods consumed nationwide.

Items contributing to the rise include fresh onions, maize grains, melon (egusi), water yams, cassava flour, crayfish, fresh pepper, tomatoes, wheat grains, cassava tubers, yam tubers, sweet potatoes, ginger, plantain, and cowpea.

Despite the annual increase, the monthly food inflation rate declined to 2.98 per cent from 3.63 per cent recorded in April, suggesting a slower pace of food price increases during the month.

The report showed significant differences in food inflation across states.

On a year-on-year basis, Adamawa recorded the highest food inflation rate at 29.62 per cent, followed by Kwara at 28.47 per cent and Rivers at 28.40 per cent.

Borno recorded the lowest food inflation rate at -6.53 per cent, while Taraba and Bayelsa posted 1.13 per cent and 5.99 per cent, respectively.

On a month-on-month basis, Bauchi recorded the highest food inflation rate at 7.73 per cent, followed by Ogun at 6.86 per cent and Jigawa at 6.69 per cent.

In contrast, Niger recorded the slowest increase at 3.54 per cent, while Katsina and Gombe recorded negative food inflation rates of 3.48 per cent and 2.22 per cent, respectively.

The latest inflation figures come as many households continue to grapple with high living costs despite recent signs of economic stabilisation.

Food remains the largest component of consumer spending for most Nigerians, making changes in food prices a key indicator of household welfare.

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Business

NPA to fix rail, logistics gaps at inland dry ports

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The Nigerian Ports Authority (NPA) has moved to address rail connectivity and logistics challenges affecting inland dry ports as part of efforts to integrate the facilities into the nation’s port system and improve cargo movement across the country.

The move followed a meeting between the NPA management, led by its Managing Director, Abubakar Dantsoho, and the Executive Director of Dala Inland Dry Port, Ahmad Rabiu, alongside representatives of Funtua Inland Dry Port, at the authority’s corporate headquarters in Marina, Lagos.

The engagement came after the Minister of Marine and Blue Economy, Adegboyega Oyetola, directed the transfer of operational oversight of inland dry ports to the NPA.

The discussions focused on strengthening institutional collaboration, addressing infrastructure constraints and improving operational efficiency across Nigeria’s maritime logistics chain.

Speaking during the meeting, Mr Dantsoho stressed the need to upgrade inland dry port infrastructure and technical capacity to complement ongoing modernisation efforts at the nation’s seaports.

He said the facilities must be equipped to handle increasing cargo volumes and support the broader transformation of Nigeria’s maritime sector.

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“For our Inland Dry Ports to function at the same velocity as the ongoing modernisation across our seaports, we must proactively upgrade dry port infrastructure and technical capacity,” Mr Dantsoho said.

He explained that the integration of digital platforms, including the Port Community System (PCS) and the National Single Window, into seaport operations must be matched by corresponding improvements at inland dry ports.

“As we integrate digital systems such as the Port Community System (PCS) and the National Single Window in our seaports, the dry ports must deploy modern equipment and advanced technical capabilities to handle larger cargo volumes and bigger vessels coming to our coast,” he added.

Increased private-sector investment

The NPA managing director also called for increased private-sector investment in inland dry port infrastructure, noting that stronger investment would be critical to improving cargo handling capacity and operational efficiency.

He cited APM Terminals’ establishment of an Export Processing Terminal in Northern Nigeria as an example of private-sector participation in the development of inland logistics infrastructure.

ALSO READ: INVESTIGATION: Ganduje embroiled in multi-billion naira Kano dry port ownership scandal

Mr Dantsoho assured stakeholders that efforts to optimise the inland port system were underway and confirmed plans to visit the Dala and Funtua facilities to assess their operational conditions and infrastructure requirements.

Operational oversight

Speaking on behalf of the delegation, Hassan Bello welcomed the transfer of operational oversight to the NPA, expressing appreciation for what he described as a seamless transition.

Mr Bello referenced the gazetted Port Act, which recognises inland dry ports as official ports of origin and destination, while drawing attention to challenges confronting the facilities, particularly inadequate rail connectivity and broader logistics constraints.

Rail access is a critical component of inland dry port operations, as efficient connections to the national rail network can facilitate cargo movement between seaports and inland destinations, potentially reducing pressure on road transport and lowering logistics costs.

The meeting also established a framework for further technical consultations, infrastructure integration and physical planning to identify the requirements for improving operations at the facilities.

The discussions highlighted the need for detailed technical assessments, stakeholder coordination and physical inspections to establish infrastructure priorities and guide subsequent project development.

The planned visits to Dala and Funtua inland dry ports are expected to provide NPA with a clearer understanding of the facilities’ operational challenges and the interventions required to strengthen their roles in cargo distribution, trade facilitation and wider maritime logistics network.


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Veritas Kapital CEO Nwakuche Joins Coal City University Governing Council

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BY NKECHI NAECHE-ESEZOBOR—The Managing Director/Chief Executive Officer of Veritas Kapital Assurance Plc, Dr. Adaobi Nwakuche, has  been appointed and inaugurated as a member of the Governing Council of Coal City University, Enugu, extending her leadership engagement into the higher education sector.

The Governing council, chaired by retired Lieutenant General Azubuike Ihejirika, former Chief of Army Staff, brings together professionals from diverse backgrounds to provide strategic direction and governance oversight for the institution.

Dr. Nwakuche’s appointment represents an opportunity to bring her enviable wealth is experience in Nigeria’s insurance industry to a higher education institution focused on academic development, institutional growth and the preparation of graduates for professional and entrepreneurial opportunities.

As MD/CEO of Veritas Kapital Assurance Plc, Dr. Nwakuche leads a Nigerian non-life insurance company in an industry where strategic decision-making, risk management, accountability and stakeholder engagement are essential to organisational performance.

Her participation in the university’s Governing Council extends this professional experience into a different institutional setting.

The Governing Council plays an important role in guiding the university’s strategic priorities, strengthening governance and supporting its long-term sustainability.

The participation of experienced professionals from the private sector can also foster cross-sector perspectives on institutional management, human capital development and organisational effectiveness.

Dr. Nwakuche’s appointment highlights the value of professional engagement beyond traditional industry boundaries and the role experienced leaders can play in supporting institutions across different sectors.

Veritas Kapital Assurance Plc congratulates Dr. Nwakuche on her inauguration and wishes her a successful and impactful tenure on the Governing Council of Coal City University.

The post Veritas Kapital CEO Nwakuche Joins Coal City University Governing Council appeared first on Business Today NG.

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