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Inflation Rate Drops To 8.6%

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Nigeria’s inflation rate has dropped to 8.6 per cent in March, down from the 9.5 per cent rate attained in the preceding month.

This is contained in a statement issued on Wednesday in Abuja by Dr Yemi Kale, the Statistician-General of the Federation.

“The nation’s Composite Price Index (CPI), which measures the average change in price level, slowed down for the second consecutive month in March, dropping to 8.6 per cent, down from the 9.5 per cent rate attained in the preceding month.

“The slower rise in the headline index when compared with the price level of the preceding month could primarily be attributable to base effects from March of 2012 when the economy witnessed significant higher price levels,” he said.

The National Bureau of Statistics (NBS) said that between February and March of 2012, there were substantial increases in seven, eight and six of the 11 non-food Classification of Individual Consumption by Purpose (COICOP) divisions in the headline.

The statement said that urban and rural indices which resulted in the Core Index, increased from 11.9 in February 2012, to 15.0 in March 2012.

“In March, the composite CPI increased by 0.71 per cent month-on-month from index levels recorded in February.

“The Urban composite CPI was recorded at 142.8 in March, which was a 9.3 per cent year-on-year change. This was lower than the 9.8 per cent recorded in February.”

The bureau said the corresponding Rural composite CPI recorded a 8.1 per cent year-on-year change, up from 9.5 per cent in February.

“On a month-on-month basis, the Urban All-item index increased by 0.6 per cent from levels recorded in February while the Rural All Items index increased from levels recorded in February by 0.8 per cent.

“The percentage change in the average Composite CPI for the twelve-month period ending in March 2012 over the average of the CPI for the previous twelve-month period was recorded at 11.4 per cent.

“The corresponding 12-month year-on-year average percentage change for the Urban index was 13.3percent, while the corresponding Rural index was 10.0 per cent,” the statement said.

The bureau noted that in the month under review, the composite Food Index increased year-on-year by 9.5 per cent to 144.6 points, representing 1.5 percentage points lower than the 11.0 per cent recorded in the preceding month.

It said that on a month-on-month basis, the Food index increased by 1.0 per cent between February and March.

The NBS said that food prices were higher across all classes in the food sub-index.

It attributed the higher food index to contributions by bread and cereals, potatoes, yams and other tubers and vegetables.

“On the `All items less Farm Produce’ or Core index, which excludes the prices of volatile agricultural products, increased by 7.2 per cent year-on-year, a percentage that was lower than 11.2 per cent recorded in the preceding month by 4 percentage points while on month-on-month basis, the Core index increased by 0.7 per cent from February to March 2013,”

The statement indicated that year-on-year all COICOP classes that contributed to the core exhibited, muted rises except the “Alcoholic Beverages, Tobacco and Cola” division.

It added that the average 12-month annual rate of rise of the index was recorded at 13.0 per cent for the twelve-month period ending in March 2013, down by 0.7 percentage points from February, 2013.

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NPA Assures On Staff Welfare 

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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