Nigeria may witness another rise in inflation this April as increasing fuel prices, food costs, and global commodity shocks continue to weigh heavily on the economy.
The Financial Market Dealers Association projected headline inflation at 16.42 percent for April 2026, higher than the 15.38 percent recorded in March.
Despite earlier indications that inflation was dropping, The News Chronicle reports that the most recent prediction indicates fresh strain on businesses and households. Analysts attributed the projected rise to rising food costs, higher transportation expenses, and rising gasoline prices across major cities in the country.
The report states that average gasoline prices rose to over N1,320 in April, while staple foods like yams, maize, and millet also saw further price increases. Though the naira showed minor improvement against the dollar throughout the month, analysts think the gains might not be sufficient to offset the effects of growing import and energy expenses.
Global developments also contributed to the outlook, with crude oil prices surging above $120 per barrel amid tensions in the Middle East and disruptions around the Strait of Hormuz. The report noted that these international pressures are adding fresh strain to Nigeria’s import-dependent economy.
The inflation projection is expected to shape discussions ahead of the Central Bank of Nigeria’s next monetary policy meeting.
