Nigeria News (Standard)
S&P Global Flags Rising Food Prices as Key Driver of Inflation in Emerging Markets
Analysts warn that persistent increases in staple food costs could worsen inflation trends across Nigeria and other developing economies
Analysts warn that persistent increases in staple food costs could worsen inflation trends across Nigeria and other developing economies
S&P Global has identified rising food prices as a major contributor to escalating inflation in emerging markets, with Nigeria among the countries likely to be affected. The warning was issued on Thursday, 11 June, as analysts examined recent trends in consumer prices and their impact on economic stability.
According to S&P Global, the surge in food costs is putting additional pressure on inflation rates, especially in countries where a significant portion of household income goes towards basic groceries. While the report covers several developing economies, it highlights the heightened risk for nations like Nigeria, where food inflation has already outpaced general inflation figures this year.
The development comes at a time when many Nigerians are struggling with high prices for essential items such as rice, beans, and cooking oil. The National Bureau of Statistics (NBS) recently reported that annual inflation reached 33.7 percent in April, with food inflation climbing even higher. Economic experts have linked these trends to disruptions in global supply chains and local production challenges.
S&P Global analysts noted that unless governments implement effective policy responses, continued spikes in food prices could undermine monetary tightening measures already underway in many emerging markets. “Food inflation remains a critical concern for policymakers,” the report stated, stressing the importance of targeted interventions to protect vulnerable populations.
With the Central Bank of Nigeria (CBN) raising interest rates multiple times this year to curb inflationary pressures, stakeholders are now calling for more direct support for agriculture and food supply chains. The report suggests that coordinated fiscal and monetary policies will be necessary to prevent further erosion of purchasing power among Nigerians.
As economic conditions remain fragile, S&P Global advised authorities across emerging markets to closely monitor food price developments and prioritise policies that ensure affordable access to staple goods.
Nigeria News (Standard)
Nigeria Exceeds OPEC Quota as Oil Production Hits 15-Month Peak in May
Recent figures show Nigeria’s daily crude output surpassed OPEC target, easing pressure on federal revenue and foreign reserves
Recent figures show Nigeria’s daily crude output surpassed OPEC target, easing pressure on federal revenue and foreign reserves
Nigeria’s oil production climbed to its highest level in 15 months in May, with official data showing the country exceeded its Organisation of Petroleum Exporting Countries (OPEC) quota for the first time since early 2023. The increase marks a significant boost for Africa’s largest economy, which has been struggling with declining crude revenues and persistent dollar shortages.
According to industry reports released on Thursday, Nigeria pumped more barrels of crude daily than the quota set by OPEC for the month of May. The surge in production follows months of government efforts to curb pipeline vandalism and oil theft, particularly in the Niger Delta region.
The development is expected to provide much-needed relief for federal finances and strengthen the naira by increasing foreign exchange earnings. Nigeria’s oil sector accounts for over 70 percent of government revenue and nearly all export receipts, making production levels a key determinant of economic stability. In recent years, the country has faced repeated shortfalls due to operational challenges and insecurity along major pipelines.
Energy officials welcomed the new figures, describing them as evidence that government interventions are yielding results. No official statement has yet been released by the Nigerian National Petroleum Company Limited (NNPC Ltd) or the Ministry of Petroleum Resources regarding how long the trend is expected to last. Oil market analysts noted that consistent output above OPEC quotas could support budget implementation but cautioned that global price fluctuations remain a risk factor.
Stakeholders are now watching to see if Nigeria can sustain these production gains amid ongoing security concerns in oil-producing communities. Further increases may also prompt renewed negotiations with OPEC regarding future output ceilings. For now, improved oil receipts are projected to ease fiscal pressures and support government programmes across all sectors.
Nigeria News (Standard)
Minister of Interior Declares June 12 Public Holiday to Mark Democracy Day Nationwide
Tunji-Ojo urges Nigerians to uphold democratic values as government offices, banks and schools to close across all states
Tunji-Ojo urges Nigerians to uphold democratic values as government offices, banks and schools to close across all states
The Federal Government has declared Friday, June 12, 2026, a public holiday across Nigeria in commemoration of this year’s Democracy Day. The announcement was made in Abuja on Thursday by Minister of Interior, Dr Olubunmi Tunji-Ojo, through a statement signed by the ministry’s Permanent Secretary, Dr Magdalene Ajani.
According to the ministry, the decision is part of efforts to recognise the significance of June 12 in Nigeria’s democratic journey and honour those who contributed to the country’s return to civilian rule. All federal and state government offices, schools, banks and many private businesses are expected to remain closed nationwide on Friday as citizens observe the national holiday.
Democracy Day has been officially celebrated on June 12 since 2019, following a policy shift by the Federal Government to acknowledge the historic June 12, 1993 presidential election—widely regarded as the freest and fairest poll in Nigeria’s history. The day also pays tribute to the late Chief Moshood Kashimawo Olawale (MKO) Abiola, who is believed by many Nigerians to have won that election and became a symbol of the struggle for democratic governance.
In his Democracy Day message, Minister Tunji-Ojo congratulated Nigerians and called for reflection on the sacrifices made by pro-democracy activists. “As we mark this historic day, every Nigerian is encouraged to remain law-abiding… and remember that the strength of any democracy lies ultimately in the character of its citizens,” he stated. He further urged Nigerians to support ongoing efforts towards national unity, peace and development.
The minister assured citizens that Government remains committed to upholding democratic ideals including respect for rule of law and transparency. He added that security agencies would be working closely with his ministry during the holiday period to maintain peace and order throughout all geopolitical zones. The opposition could not be immediately reached for comment regarding the announcement.
Source: https://www.pulse.ng/story/fg-declares-june-12-public-holiday-democracy-day-2026-2026061117135419198
Nigeria News (Standard)
Nigerian Army Officer Breaks Record at US War College in Pennsylvania
Senior officer becomes first Nigerian to achieve top honours at prestigious American military institution, marking a milestone for Nigeria’s armed forces
Senior officer becomes first Nigerian to achieve top honours at prestigious American military institution, marking a milestone for Nigeria’s armed forces
A senior officer of the Nigerian Army has made history in the United States by becoming the first Nigerian to achieve top honours at the US War College in Carlisle, Pennsylvania. The achievement, which was confirmed on Thursday, June 11, highlights a significant milestone for Nigeria’s armed forces on the international stage.
According to information released by military authorities, the officer distinguished himself among peers from several countries during his academic and leadership programmes at the institution. His performance reportedly surpassed previous records set by Nigerians and other international participants at the college.
The US War College is recognised globally for grooming senior military leaders and strategists. Nigeria’s army has maintained a tradition of sending selected officers for advanced training there as part of ongoing efforts to strengthen its defence capabilities. This latest accomplishment is seen as a boost to Nigeria’s reputation in international military circles and is expected to inspire other officers within the service.
While official statements from Defence Headquarters praised the officer’s commitment and excellence, some security analysts described the feat as evidence of improvement in Nigeria’s military training standards. “This shows that with proper support and exposure, Nigerian officers can compete favourably anywhere in the world,” one analyst said.
The officer is expected to return to Nigeria soon, where he will be decorated in an official ceremony. The Army says his success underscores its commitment to investing in human capital development. Stakeholders believe this will motivate more personnel to pursue excellence both locally and internationally.
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