Nigeria’s inflation rate dropped slightly to 23.71 per cent in April 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS). This figure marks a slight reduction from the 24.23 per cent recorded in March 2025 and a much bigger drop from the 33.69 per cent reported in April 2024.
The report also showed that inflation on a month-on-month basis reduced significantly, with prices increasing by only 1.86 per cent in April, compared to 3.90 per cent in March. This means that prices of goods and services across the country did not rise as fast in April as they did the previous month.
According to the NBS, “The CPI rose to 119.52 in April 2025, showing a 2.18-point increase from the previous month. Headline inflation dropped by 0.52 per cent compared to March.”
Even though the national figure came down slightly, many Nigerians are not feeling any real relief. In fact, 10 states and the Federal Capital Territory, Abuja, recorded inflation rates above 30 per cent. Enugu had the highest inflation rate in the country, at 36.0 per cent year-on-year. The state also experienced a 12.3 per cent rise in prices compared to March.
Kebbi State followed closely with an inflation rate of 35.1 per cent and a 5.4 per cent rise month-on-month. In Niger State, inflation hit 34.8 per cent, with a shocking 14.7 per cent increase in one month. Food prices played a major role in these increases.
Benue State reported food inflation of 51.8 per cent year-on-year, and a monthly jump of 25.6 per cent. This has been linked to the insecurity affecting farming activities in the state. Ekiti State also recorded high inflation at 34.0 per cent, with food prices rising 16.7 per cent in just one month.
Other states with inflation above 30 per cent include Nassarawa (33.3%), Zamfara (33.2%), Delta (31.9%), Gombe (31.0%), Sokoto (30.5%), and the FCT, Abuja (32.9%). Food prices in these states remained a key contributor to the high inflation levels.
Nationally, food inflation slowed to 21.26 per cent in April 2025, down from 40.53 per cent a year earlier. The NBS linked this drop to changes in the base year for calculations and lower prices of items like maize flour, wheat, okro, yam flour, soybeans, rice, and beans.
Month-on-month, food inflation dropped slightly to 2.06 per cent in April, down from 2.18 per cent in March. The average food inflation over the past year was 31.43 per cent, slightly lower than the 32.74 per cent recorded a year earlier.
Core inflation, which removes volatile items like food and energy, was 23.39 per cent year-on-year, down from 26.84 per cent last year. Month-on-month, core inflation dropped sharply to 1.34 per cent from 3.73 per cent in March. However, energy prices rose sharply by 13.6 per cent month-on-month in April, after a 9.21 per cent increase in March.
Despite these numbers, many in the business community say they have not seen any real improvement. The President of the Association of Small Business Owners of Nigeria, Dr Femi Egbesola, said the drop in inflation is not enough to help small businesses. He explained that costs remain high, consumer spending is still weak, and businesses are struggling to survive.
The Chairman of the Organised Private Sector of Nigeria, Dele Oye, also said the change was too small to feel. Likewise, the Vice President of the Nigerian Association of Small-Scale Industrialists, Segun Kuti-George, said that the inflation drop is not yet visible in the prices of raw materials.
President of the Lagos Chamber of Commerce and Industry, Gabriel Idahosa, said that while inflation did not get worse, the 0.52 per cent drop was not significant. He warned that there’s no reason to celebrate yet, though he expressed cautious hope that inflation could drop further if the right policies are implemented.
He added that real progress would come from investments in electric and Compressed Natural Gas vehicles, which can lower transport costs. He said that inflation may fall consistently over the next four to five months if these trends continue.
The World Bank also projected that Nigeria’s inflation rate will average 22.1 per cent in 2025. The bank attributed this to the Central Bank of Nigeria’s tight monetary policies aimed at stabilising prices. It noted that subsidy removal, exchange rate changes, energy and transport costs, and food supply disruptions have all contributed to inflation.
But it added that current efforts by the CBN are starting to work and that inflation may drop as a result. However, many Nigerians say until prices of goods and services go down in the markets, they cannot feel any real improvement.
