Story perspectives

Nigeria's Food Inflation Hits Single Digit for First Time

2/20/2026

Summary

Story summary

Nigeria's food inflation fell to 8.89% in January 2026, the first single-digit reading in over a decade.
The decline follows a 40.87% peak in June 2024, driven by better production, a stronger naira, and policies.
Farmers face high input costs and competition from cheap imports.
The Centre for Promotion of Private Enterprise warns that without protections, price stability could cause food shortages and urges a market-friendly price stabilization framework.

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Story summary

Nigeria's food inflation fell to 8.89% in January 2026, the first single-digit reading in over a decade.
The decline follows a 40.87% peak in June 2024, driven by better production, a stronger naira, and policies.
Farmers face high input costs and competition from cheap imports.
The Centre for Promotion of Private Enterprise warns that without protections, price stability could cause food shortages and urges a market-friendly price stabilization framework.