Nigeria’s Inflation Rate Eases to 23.7% in April – NBS Report Shows Slight Relief

In a new report released by the National Bureau of Statistics (NBS), Nigeria’s headline inflation rate dropped slightly to 23.71% in April 2025. This marks a small but notable improvement from the 24.23% recorded in March, offering a glimmer of hope for the country’s struggling economy. The announcement, made on Thursday, highlights a marginal slowdown in the general increase of consumer prices.

The NBS attributed the decline to a slight easing in the pace at which prices are rising across the country. The headline inflation rate for April reflects a 0.52% decrease from the previous month, suggesting a gradual shift towards price stability. Despite this, inflation levels remain critically high, continuing to strain household incomes and reduce consumer purchasing power.

Looking at monthly changes, the report revealed that inflation increased by 1.86% in April on a month-on-month basis. This represents a sharp drop from the 3.90% growth rate recorded in March. Essentially, while prices still rose in April, the rate of increase was significantly slower than the previous month, indicating a softening in inflationary pressures.

This development may be seen as a positive signal for economic planners and policymakers who are working to stabilize the Nigerian economy amidst numerous challenges, including food supply disruptions, currency volatility, and insecurity. However, economists caution that the current inflation rate remains well above the Central Bank’s target and requires sustained policy actions to bring it under control.

With the slight drop in inflation, Nigerians may experience minimal relief in prices of goods and services, though the economic outlook still remains tough for many households. The government is expected to intensify efforts in tackling structural economic issues and implementing reforms that could support a more meaningful and lasting reduction in inflation in the coming months.