News
Nigeria’s inflation jumps to 24.23% in March 2025

Nigeria’s headline inflation rate rose to 24.23% in March 2025, according to the official government data source, the Nigeria Bureau of Statistics (NBS).
The rise in the country’s inflation rate, from 23.18% back in February 2025 to 24.23% in March 2025, reflected a major increase in the rising commodity and energy costs in the last few weeks.
According to the March 2025 Consumer Price Index (CPI) Report which measures the inflation rate released by the government agency on Tuesday, the country’s food inflation rate was 21.79% year-on-year in March 2025.
The food inflation rate, however, showed a decrease compared to the food inflation rate of 23.51% recorded in February 2025.
Economists had predicted that the country’s inflation rate which decreased minimally in February would rise when the Dangote Refinery and the state-run NNPCL got entangled in a petrol price war that culminated in the temporary termination of a naira-for crude agreement between the two oil companies and the subsequent increase in the pump price of petrol.
Some observers had also said the minimal reduction in the prices of food commodities experienced earlier in February was not sustainable, attributing the temporary decline in the prices of food to the importation intervention of the Federal Government.
Food and commodity inflation have skyrocketed as Nigerians battle what can pass for the worst cost of living crisis since the country’s independence over six decades ago, a development that economic wizards have attributed to President Bola Tinubu’s twin policies of petrol subsidy removal and unification of the forex rates.
News
Council poll: APC working on consensus candidates ahead of primaries

Lagos State chapter of the All Progressives Congress (APC) is working towards consensus candidates for the upcoming primary election scheduled for Saturday.
The move is part of the party’s efforts to maintain unity and reduce internal frictions.
Five aspirants emerged unopposed following the screening organised by the party.
The incumbent Chairman of Surulere Local Government, Sulaimon Yusuf; his counterpart in Iba Local Council Development Area (LCDA), Jubril Yisa; Motunrayo Alogba of Ijede LCDA and Kasali Bamidele in Lekki LCDA emerged unopposed. A new aspirant, Azeez Kareem, was the only person cleared to contest in Oto-Awori LCDA.
Chairman of the APC Lagos State Electoral Committee, Babatunde Ogala, SAN, in an interview with The Nation, disclosed that more aspirants had emerged unopposed following interventions from the party leaders.
He expressed optimism that many more aspirants would step down before the Saturday primary election.
“We are hoping to have at least 70 per cent consensus candidates going into the primary election. If we can achieve that, it will leave us with only 30 per cent to conduct primaries for,” he said.
According to him, the appeal committee, headed by Mr. Adeniji Kazeem, SAN, has been sitting for the past two days and has received over 100 petitions.
Ogala said the committee had treated over 70 of the petitions and would conclude their assignment today (Wednesday).
He explained that while the party had prepared for indirect primaries, involving delegates drawn from local government executives, efforts were ongoing at various levels to arrive at consensus candidacies in many wards.
He said electoral materials were being finalised for distribution by Saturday, with electoral officers already appointed to oversee the process in all 57 local councils.
Ogala said security had been fully arranged in collaboration with the police, DSS, civil defence and Lagos traffic officials to ensure order and smooth movement at the secretariats where the primaries were expected to take place.
According to him, the party is also scheduled to hold a key stakeholders’ meeting today with senior officials and aspirants to finalise agreements and chart the way forward.
News
$400m steel factory set to begin operations in Ogun

President of Inner Galaxy Group, Mr. Li Shuang, yesterday, disclosed that his company was ready to set up a $400 million hot rolled coiled steel factory with the capacity to employ about 6,500 direct and indirect workers in Ewekoro Local Government Area of Ogun State.
He made this known while leading a delegation of principal officials of the organization at the Governor’s Office located at Oke-Mosan, Abeokuta.
He added that the company is expected to commence operations in April 2026, saying the organization, a multinational company with vast investments in Asia, the Philippines, Malaysia, and some African countries like Ghana and Angola, entered the Nigerian market in 2005, producing iron rods for the building industry.
Governor Dapo Abiodun expressed delight in the huge investment, as he ascribed the success to his administration’s deliberate and intentional move to make the state the leading industrial hub in Nigeria and the West Africa sub-region.
“This is a $400 million investment; this aligns with the President’s vision to ensure that we grow this economy to a trillion dollars, and I think that you will be contributing your quota in achieving that. We are excited that you will also be employing people.
“I will be commissioning a multimillion-dollar diagnostic equipment facility during the week. This administration has managed to attract quite a lot of industries in the last six years,”
Abiodun noted that the state is blessed with abundant human and natural resources, adding that alluvial gold had been discovered in large quantities, just as the state has the highest quality of lithium.
News
Ndume backs Tinubu’s ban on foreign goods

Senator Ali Ndume has applauded President Bola Tinubu’s decision to ban the importation of foreign goods that can be produced locally, describing it as a major incentive for indigenous manufacturers.
The ban was announced by the Minister of Information and National Orientation, Mohammed Idris, during a media briefing following Monday’s Federal Executive Council meeting in Abuja.
According to Idris, the policy is part of the administration’s broader “Renewed Hope Nigeria First Policy,” aimed at revitalising the local economy and boosting local content.
In addition to restricting imports, the Federal Government also announced tighter controls on the employment of expatriates, saying that going forward, foreign workers would only be allowed to take on jobs that cannot be executed by Nigerian contractors or artisans, unless expressly approved by the Bureau of Public Procurement (BPP).
Describing the move as a landmark decision, the senator who represents Borno South, said it would significantly strengthen local businesses, create jobs and reduce the pressure on Nigeria’s foreign reserves.
“It is heartwarming to hear that President Tinubu has taken this bold step to ban the importation of goods that can be produced within our borders. This is a major boost for indigenous businesses, especially at a time when our economy is struggling,” Ndume said in a statement yesterday.
He added that proper implementation of the policy would protect local manufacturers from being driven out by foreign companies flooding the market with cheaper, often substandard products.
“With stronger support for local industries, we will see more job creation for our youths, an increase in our Gross Domestic Product (GDP), and an appreciation in the value of the Naira due to reduced demand for foreign exchange,” he said.
Ndume also urged the government to go a step further by imposing steep taxes on select imported goods. “This will discourage the consumption of foreign products and encourage Nigerians to patronise locally made alternatives,” he said.
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