Nigeria’s Inflation Rate Hits Record High Of 15.75%

The inflation rate in Nigeria has hit a record high of 15.75% (year-on-year) according to the figures released on Friday, 15th January by the National Bureau of Statistics (NBS).

This represents the highest rate recorded since 2016.

Food inflation in the country increased by 1.26 percent on a year-on-year basis from 18.30 percent in November 2020 to 19.56 percent in December.

Check out the latest NBS figures below.

YEAR on YEAR:
Headline Inflation at 15.75% in Dec 2020 from 14.89% in Nov 2020. Food inflation at 19.56% in Dec 2020 from 18.30% in Nov 2020. Core Inflation at 11.37% in Dec 2020 from 11.05% in Nov 2020

MONTH ON MONTH:
Headline Inflation at 1.61% in Dec 2020 from 1.60% in Nov 2020. Food inflation at 2.05% in Dec 2020 from 2.04% in Nov 2020. Core Inflation at 1.10% in Dec 2020 from 0.71% in Nov 2020

RURAL/URBAN YEAR ON YEAR:

Urban (16.33% from 15.47%); Rural (15.20% from 14.33%);

RURAL/URBAN MONTH ON MONTH:

Urban(1.65% from 1.65%); Rural (1.58% from 1.56%).

December 2020 CPI/Inflation report published @ https://t.co/cHo95VWJrF

YEAR on YEAR:
Headline Inflation at 15.75% in Dec 2020 from 14.89% in Nov 2020. Food inflation at 19.56% in Dec 2020 from 18.30% in Nov 2020. Core Inflation at 11.37% in Dec 2020 from 11.05% in Nov 2020 pic.twitter.com/2XrIOYbSDt

— Dr Yemi Kale (@sgyemikale) January 15, 2021

Meanwhile, the Corporate Affairs Commission (CAC), has launched an electronic process for company registration and certificate generation in Nigeria.

This was disclosed to newsmen in Abuja on Monday by the Registrar-General of the Commission, Alhaji Garba Abubakar.

According to the CAC boss, the online registration portal was launched on January 3, 2021 in compliance with the provisions of the new Companies and Allied Matters Act (CAMA).

With this development, all applications for company registration can now be done and processed online.