Business

Nigeria’s inflation up 15.93% amid high food prices

Published

5 months ago

June 16, 2026

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.

Related Topics:food High Inflation Nigerias Prices

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Business

FG Backs Risk-Based Capital, Urges Insurance Directors to Move Beyond Passive Compliance

Published

4 hours ago

November 5, 2026

PlateauReports

BY NKECHI NAECHE-ESEZOBOR—The Federal Government has thrown its weight behind risk-based capital in the insurance industry and urged insurance company boards to move from passive regulatory compliance to active oversight.

The government made its position known through the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, at the 2026 Insurance Directors’ Conference, themed “Recapitalisation to Resilience: Leading the Risk-Based Capital Era.” The conference was organised by the College of Insurance and Financial Management (CIFM).

The minister, who was represented by Dr. Greg Ugochukwu Ezeilo, Special Adviser on Fiscal Risk Management and Sustainability, said a resilient insurance industry is indispensable to the country’s economic transformation.

He described insurance as more than a mechanism for compensating losses, calling it an instrument for mobilising long-term capital, enabling productive investment and protecting livelihoods. He said the economy needs an insurance sector able to underwrite emerging risks, support infrastructure financing and strengthen agricultural productivity.

On the transition to risk-based capital, he said insurers must align their capital with the nature, scale and complexity of the risks they take on. He also called for a more forward-looking approach to governance, investment decisions, underwriting practices and enterprise risk management.

“Capital without governance is vulnerable,” he said. He added that governance without accountability is ineffective, and that insurance without public confidence cannot fulfil its economic value.

According to him, the transition places heightened responsibility on insurance company boards. He said directors must move beyond passive regulatory compliance to active oversight and ensure that risk appetite, capital allocation, corporate strategy and institutional capacity are consistently aligned.

He set out five priorities for the industry. The first is strong governance, with visible leadership at the top, independent oversight and transparency, noting that public confidence remains the industry’s most valuable capital. The second is wider access, with affordable, accessible and relevant products for households, small businesses, farmers and underserved communities, so that insurance becomes an everyday instrument of economic security rather than a privilege of a limited market segment.

The third is directing the industry’s long-term funds, under prudent investment frameworks, towards productive investment, infrastructure financing and sustainable economic growth. The fourth is technology and innovation, including big data analytics, machine learning, artificial intelligence and innovative underwriting models, supported by robust cyber security, consumer protection and operational safeguards. The fifth is building capacity to handle emerging risks such as climate-related disruptions, cyber threats, changing demographics and increasingly interconnected financial markets.

He said the Federal Government remains committed to a stable, competitive and inclusive financial ecosystem in which insurance contributes meaningfully to national economic development. He recognised the National Insurance Commission’s role in strengthening regulatory standards, protecting policyholders and guiding the industry through the transition.

He said sustainable reform requires collaboration among regulators, operators, investors and government, and urged stakeholders to see the transition not simply as a regulatory exercise but as an opportunity for strategic transformation.

The ultimate measure of success, he said, is how effectively the industry helps Nigerians absorb shocks, builds confidence and finds progress.

The post FG Backs Risk-Based Capital, Urges Insurance Directors to Move Beyond Passive Compliance appeared first on Business Today NG.

Business

FG welcomes GIGM’s expansion into digital mobility, urges reliable services

Published

12 hours ago

November 5, 2026

PlateauReports

The Federal Government has welcomed GIG Mobility Group’s (GIGM) expansion into digital mobility services, urging the company to prioritise reliable service delivery as it moves beyond interstate transportation into travel booking and premium vehicle hire.

The government said digital mobility solutions must not only simplify travel arrangements but also guarantee dependable services and protect customers who rely on technology to organise their journeys.

The Permanent Secretary, Federal Ministry of Transportation, Olufunso Adebiyi, represented by Usman Abubakar, Deputy Director, Road and Mass Transit, gave the admonition on Wednesday in Abuja at the unveiling of PASS by GIGM and hireX by GIGM.

Mr Adebiyi said the ministry remained open to partnerships with the company, describing the platforms as an innovation that could improve transportation and travel services.

He also stressed that the ministry hoped the company’s new services would benefit Nigerians and wished it success in its expansion.

According to the Director-General of the National Automotive Design and Development Council (NADDC), Joseph Osanipin, the launch marked the beginning of the work required to sustain the services, warning that the company would need to meet customers’ expectations as demand grew.

“After we have launched today, the real work is going to start. Many customers will come in and demand this service. We have to be up to it,” he said.

Mr Osanipin said trust, reliability and responsive customer service were essential to the success of digital mobility platforms, particularly where customers were required to provide personal information and make payments before travelling.

He added that innovation must address practical problems and deliver solutions through technology in seamless, efficient ways.

GIGM’s background and expansion
GIG Mobility Group is a Nigerian transportation and technology company that began operations in 1998 as God Is Good Motors, providing interstate passenger transportation.

Founded by Edwin and Stella Ajaere in Benin City, the company initially operated between Benin City and Lagos before expanding its bus services to other Nigerian cities.

After Edwin Ajaere’s death, his son, Chidi Ajaere, took over management and led the company’s expansion and adoption of technology-driven transportation services.

The company rebranded from God Is Good Motors to GIG Mobility in 2019, reflecting its expansion beyond conventional passenger transportation.

It also expanded into Ghana, where it operates transportation services, including routes connecting Accra and Kumasi.

GIGM has introduced digital booking and transport management systems into its operations, allowing customers to book interstate journeys online rather than relying solely on physical terminals.

The company says it operates more than 40 terminals across Nigeria and Ghana. Its Chief Executive Officer, Enahoro Okhae, said the Gwagwalada terminal, opened on Tuesday, was its 40th terminal across West Africa.

What the new platforms offer

The two platforms are designed to extend GIGM’s services beyond its traditional interstate bus transportation business into other aspects of mobility and travel.

PASS by GIGM is a travel and tours platform that brings together flight bookings, hotel reservations, airport pickups, curated tours and interstate bus ticketing. It is intended to allow customers to organise different parts of a journey through one digital channel rather than booking each service separately.

hireX by GIGM, on the other hand, is a vehicle-hire marketplace offering chauffeur-driven vehicles for hourly, daily and one-way bookings. The service is designed for airport transfers, business trips, events and other journeys requiring hired vehicles.

According to the company, its Abuja fleet will comprise vehicles owned by GIGM and those operated by partner providers.

The platforms form part of the company’s broader plan to develop a mobility ecosystem that connects transportation with travel and related services.

GIGM says customer expectations are changing

Mr Okhae explained that the expansion was informed by changing customer expectations, particularly demands for convenience, speed, digital access and simpler travel arrangements.

He said the company had traditionally been known for moving passengers between states but was now seeking to provide services covering other parts of their journeys.

“Strong companies evolve. Strong companies listen. Strong companies learn. They adapt. They invest,” he said.

Mr Okhae added that the company was seeking to respond to the movement of people across Africa for business, education, family engagements, tourism and other opportunities.

He noted that GIGM’s expansion was based on the belief that customers increasingly needed connected services rather than separate transportation arrangements.

“The future belongs to connected solutions, not isolated services,” he said.

He said the company was building an ecosystem that would let customers access different services and organise their journeys.

Mr Okhae added that Abuja was strategic to the company’s expansion, explaining that the launch was intended to extend services already introduced in Lagos to customers in the capital.

Technology and operational capacity
Charles Oloyede, GIGM’s Head of Product, said technology had enabled the company to expand into other segments of the mobility business.

ALSO READ: CREDICORP rolls out first CNG mobility activation in Adamawa, advancing its 10,000 mobility rollout

He explained that the company’s existing technological infrastructure supported road and air travel services, helping it manage operations and provide customers with different travel options.

Mr Oloyede said the company relied on technology to manage operational complexities that would be difficult to handle manually.

He added that GIGM had about 150 daily touchpoints, although he did not clarify whether the figure referred to transactions, operational contacts or customer interactions.

He also noted that the company’s technology had been developed to support its operations and provide customers with a more coordinated travel experience.

According to Mr Oloyede, Abuja was an important market for the company, and the launch was intended to extend services already available in Lagos to customers in the capital.

NADDC highlights reliability and customer trust

Mr Osanipin said customers would need confidence in the platforms before entrusting them with personal information, payments and travel arrangements.

He noted that reliability and responsive customer service were equally important, particularly when customers encountered difficulties or needed urgent assistance.

The NADDC director-general said the company’s experience in transportation could help it respond to customers’ needs but cautioned against assuming that the launch alone would guarantee success.

He urged the management to continue improving its services and avoid complacency.

“When you are number one, think as number two,” he said.

The platforms come at a time when customers increasingly use digital channels to arrange transportation and other services.