Business
Inflation: 1m Nigerians Face Imminent Poverty By Dec

An additional one million Nigerians are likely to go into extreme poverty by December as a result of economic pressures warranted by the current inflation in the country, according to the Central Bank of Nigeria (CBN).
Disclosing this, in its latest Nigeria Development Update (NDU) report, the CBN said the additional one million is different from the six million Nigerians that were already predicted to fall into poverty this year because of the rise in prices, particularly food prices.
According to the National Bureau of Statistics (NBS), Nigeria’s inflation worsened to 16.82 per cent in April, up from the 15.92 per cent recorded in March.
Compared to April 2021, the price decelerated by 1.3 per cent points from the 18.12 per cent inflation figure to 16.82 per cent.
“In April 2022, the consumer price index, (CPI) which measures inflation increased to 16.82 per cent on a year-on-year basis.
“This is 1.3 per cent points lower compared to the rate recorded in April 2021 (18.12) per cent. This means that the headline inflation rate slowed down in April when compared to the same month in the previous year.
“On a month-on-month basis, the Headline index increased to 1.76 per cent in April 2022, this is a 0.02 per cent rate higher than the rate recorded in March 2022 (1.74) per cent”, the NBS stated.
Food inflation, the NBS continued, also rose to 18.37 per cent compared to the 17.20 per cent recorded in March.
According to the World Bank Report, Nigeria’s growing macroeconomic challenges in 2022 highlights the continuing urgency of a departure from business as usual, and the need for consensus around a package of robust reforms.
To reduce the current inflation rate, therefore, the World Bank Report highlighted three policy priorities.
The report, titled, “The continuing urgency of business unusual”, which was released on Tuesday, stated that there is need to reduce inflation through a sequenced and coordinated mix of exchange rate, trade, monetary, and fiscal policies, including the adoption of a single, market-responsive exchange rate.
It also called on government to address mounting fiscal pressures at the federal and sub-national levels by phasing out the petrol subsidy and redirecting fiscal resources to investments in infrastructure, education, and health services.
The Report also called for catalysing private investment to boost job creation by improving the transparency of key government-to-business services and eliminating trade restrictions.
“Nigeria is in a paradoxical situation: growth prospects have improved compared to six months ago but inflationary and fiscal pressures have increased considerably, leaving the economy much more vulnerable.
“Inflation in Nigeria, already one of the highest in the world before the war in Ukraine, is likely to increase further as a result of the rise in global fuel and food prices caused by the war.
“And that, the World Bank estimates, is likely to push an additional one million Nigerians into poverty by the end of 2022, on top of the 6 million Nigerians that were already predicted to fall into poverty this year because of the rise in prices, particularly food prices.
“This latest edition of the NDU highlights that the inflationary pressures will be compounded by the fiscal pressures Nigeria will face this year because of the ballooning cost of gasoline subsidies at a time when oil production continues to decline.
“Hence, Nigeria, for the first time since its return to democracy, and alone amongst major oil exporters, is unlikely to benefit fiscally from the windfall opportunity created by higher global oil prices”, it stated.
Business
USTR Criticises Nigeria’s Import Ban On Agriculture, Others
The United States Trade Representative (USTR) has criticised Nigeria’s import ban on 25 categories of goods, claiming that the restrictions limit market access for American exporters.
This is the effect of President Donald Trump’s tariffs introduction on goods entering the United States, with Nigeria facing a 14 per cent duty.
The USTR highlighted the impact of Nigeria’s import ban on various sectors, particularly agriculture, pharmaceuticals, beverages, and consumer goods.
The restrictions affect items such as beef, pork, poultry, fruit juices, medicaments, and alcoholic beverages, which the United States sees as significant barriers to trade.
The agency argues that these limitations reduce export opportunities for United States businesses and lead to lost revenue.
“Nigeria’s import ban on 25 different product categories impacts United States exporters, particularly in agriculture, pharmaceuticals, beverages, and consumer goods.
“Restrictions on items like beef, pork, poultry, fruit juices, medicaments, and spirits limit United States market access and reduce export opportunities.
“These policies create significant trade barriers that lead to lost revenue for United States businesses looking to expand in the Nigerian market”, the agency said .
In 2016, Nigeria implemented the ban on these 25 items as part of efforts to control imports and stimulate local production.
Some of the banned items include poultry, pork, refined vegetable oil, sugar, cocoa products, spaghetti, beer, and certain medicines.
On March 26, 2025, the Federal Government also announced plans to halt solar panel imports to encourage local manufacturing as part of its push for clean energy.
Business
Expert Seeks Cooperative-Driven Investments In Agriculture
A leading agribusiness strategist and digital agriculture expert, Ayo Oluwa Okediji, has sought cooperative-driven investments in sustaining growth of poultry industry in Nigeria.
He said the poultry industry was at a defining moment and requires urgent structural reforms to secure its future and ensure long-term sustainability.
Speaking on the theme, “Strengthening Poultry Farming Through Cooperative Synergy and Strategic Investments”, at the recently concluded Oyo Mega Poultry Workshop 2025 in Ibadan, Okediji called on poultry farmers, cooperative leaders, financial institutions and policy makers to rethink the existing structure of the poultry sector.
He stressed the need to transition from fragmented, individually-driven operations to well-structured, cooperative-led enterprises capable of attracting sustainable financing and securing long-term viability.
He said, “Our poultry sector cannot thrive on individual effort alone. We need to organise ourselves into cooperative clusters, build strong governance systems and position ourselves to attract the level of investment needed to sustain this industry beyond this generation.”
Drawing on lessons from successful global cooperative models such as Rabobank in the Netherlands and Landus Cooperative in the United States, Okediji introduced the FarmClusters Poultry Model, a locally adapted solution developed by Agribusiness Dynamics Technology Limited (AgDyna), a subsidiary of AgroInfoTech Africa.
According to him, the model is currently being piloted in Oyo State in partnership with PANOY Agribusiness Limited and local poultry cooperatives.
Business
NACCIMA Proposes Hybrid Oil Palm Seedlings For Farmers
The Rivers State Representative of the Nigeria Chambers of Commerce, Mines, Industries and Agriculture (NACCIMA), Mr. Erasmus Chukwundah, has urged palm oil farmers to consider hybrid seedlings for planting, if they must break even in palm oil business.
Chukwundah said this recently at the Free Oil Palm Business Climate Smart Best Management Practice/Assistance Training organized by Partnership Initiative In Niger Delta (PIND) for Palm Oil Farmers in Elele, Ikwerre Local Government Area.
The Rivers representative said until palm oil farmers begin to consider such hybrid oil palm seedlings, they may not meet up with the daily increasing demand of palm oil in the market.
According to him, the seedlings produce up to 30 bunches at once that ripen same time.
He said PIND decided to partner with Oil Palm Growers Association of Nigeria (OPGAN) to ensure that the message was received by the targeted audience.
According to him, palm oil remained a popular choice of industry operators as it could be converted to many other products such as vegetable cooking oil.
He also noted that products such as motor tyers, marine ropes and others are now gotten from the palm tree.
Chukwundah, who is the immediate past Director-General of Port Harcourt Chamber of Commerce, Mines, Industries, and Agriculture (PHCCIMA), further warned against use of unrecommended fertilisers in growing oil palms.
He noted that such practices could limit its export value or chances as the foreign marketers have a way of detecting such .
He reiterated the need for organic fertilizers, including poultry droppings, to enable them have a natural palm oil.
“People must reduce physical contact with palm oil production. That is why we are campaigning for hydrolic oil mills. The foreign markets are no longer interested in crude method of palm oil production”, he said.
Meanwhile, one of the farmers, Sonny Didia, who appreciated Chukwundah’s commitment towards the concern of farmers, appealed for an urgent need for loan opportunity with low interest rate in order to enable them beat the target.
King Onunwor
-
News3 days ago
Russia’s Biggest Strike On Kyiv Kills Nine
-
Rivers3 days ago
‘Slave Warriors’ Puts PH In News, Projects African Culture
-
Politics3 days ago
Obi Mourns Late Pope, Joins Dignitaries At Vatican City
-
Business3 days ago
NACCIMA Proposes Hybrid Oil Palm Seedlings For Farmers
-
News3 days ago
FG Laments Low Patronage Of Made-In-Nigeria Products
-
News3 days ago
Transformational Leadership Key To Military Success-COAS
-
Women3 days ago
The Christian Teaching Mother (II)
-
Politics3 days ago
Keyamo Hails Tinubu Over Oborevwori’s Defection To APC