Nigeria’s inflation rate eased marginally in April 2025, dropping to 23.71 per cent year-on-year, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS). The decline marks a 0.52 percentage point reduction from the 24.23 per cent recorded in March 2025.

On a month-on-month basis, the inflation rate dropped sharply to 1.86 per cent from 3.90 per cent in March, reflecting a slower pace in the rise of prices for goods and services.

The report indicated that food inflation also decreased, standing at 21.26 per cent in April compared to 21.79 per cent in March. The fall was attributed to declining prices of essential staples such as maize flour, wheat grain, yam flour, rice, dried okra, and various types of beans.

Despite the nationwide easing, several states continue to grapple with high inflationary pressures. According to the NBS, 10 states and the Federal Capital Territory, Abuja, recorded inflation rates above 30 per cent. Enugu State topped the list with 35.98 per cent, followed closely by Kebbi, Niger, Benue, Ekiti, Nasarawa, Zamfara, Delta, Gombe, and Sokoto states.

In these areas, residents continue to face surging prices for both food and non-food items, with food inflation particularly acute in Benue, where the rate reached 51.8 per cent year on year. The report noted that this was driven largely by insecurity and disruptions in agricultural supply chains.

Meanwhile, urban inflation stood at 24.29 per cent, while rural inflation settled at 22.83 per cent. Analysts say that while these figures show a slight improvement, the cost of living remains high for most Nigerians.

Reacting to the development, President of the Association of Small Business Owners of Nigeria, Dr Femi Egbesola, said the relief is not yet felt by the country’s micro, small and medium enterprises (MSMEs). He noted that high input costs, weak consumer demand, and limited access to credit remain challenges for businesses.

Also speaking, President of the Lagos Chamber of Commerce and Industry (LCCI), Gabriel Idahosa, described the marginal drop as statistically insignificant. He said, “There is no reason to celebrate yet. We are only seeing a signal of possible improvement, not a substantial change.”

The World Bank, in its latest Nigeria Development Update, projected that inflation will average 22.1 per cent in 2025, citing continued monetary tightening by the Central Bank of Nigeria. It attributed previous spikes to the removal of fuel subsidies, exchange rate reforms, and rising logistics and energy costs.

Experts say sustained efforts are needed to improve food production, ease logistics challenges, stabilise energy prices, and improve market competitiveness in order to bring lasting relief to consumers.