Nigeria has recorded a fifth consecutive month of decreasing inflation, with the rate dropping to 20.12% in August from 21.88% in July, as reported by the National Bureau of Statistics (NBS) on Monday. This 1.76 percentage point decline continues the downward trend that started in April when inflation peaked at 23.71%. Month-on-month, the headline index for August was 0.74%, indicating a slight easing compared to previous months.
Despite this overall slowdown in inflation, the report pointed out ongoing challenges in food prices, which saw a month-on-month increase of 1.65%. The rise in the cost of staple foods highlights the continued pressure on households, even as the overall inflation rate decreases.
The NBS Consumer Price Index (CPI) report emphasizes that food inflation is a significant contributor to Nigeria's price pressures, even while the wider economy begins to experience some relief from inflationary trends.
In related news, Engr. Sammy Adigun, Chairman of Niger Food, has announced a new partnership with the Dangote Group and Africa Rice that aims to generate at least 500,000 jobs for Nigerians through large-scale rice production. Adigun made this announcement over the weekend, discussing the results of Niger Food's meeting with the Dangote Group.
He highlighted that this collaboration seeks to satisfy Nigeria’s rice needs with high-quality locally produced products, which are better than the current imported options on the market. “With the plans we are implementing, rice production will be extensive. Our discussions with Alhaji Aliko Dangote about producing quality rice for Nigerians were very productive,” Adigun stated.
He further revealed that Niger Food expects to produce over 10 million tonnes of rice annually, utilizing around 500,000 hectares of land, which will directly lead to the creation of more than 500,000 jobs. “Rice is more than just a crop; it is essential for millions of Nigerians. Any new policy has to consider the needs of farmers, consumers, and the government. We are already working on a detailed strategy to ensure healthy and plentiful rice production for the people,” he added.
Adigun also emphasized the importance of this partnership, considering rice's role as a staple in almost every Nigerian home. The meeting included representatives from all three organizations. The Dangote Group's team featured Aliko Dangote, Thabo Manneh, and Dan Kunle, while Niger Food was represented by Sammy Adigun, Bashir Tanko, and Pieter Merve. The delegation from Africa Rice included Dr. Baboucarr Manneh (Director-General), Dr. Samuel Bruce-Oliver, Dr. Marcel Nwalozie, Dr. Sali Ndindeng, Mr. Aly Adam’s Diomande, Dr. Thomas Awio, Dr. Francis Nwilene, and Hon. Munir Babba Danagundi.
According to Adigun, these delegations are currently refining their strategies to ensure rice self-sufficiency in Nigeria.