Wed Sep 18 02:11:45 UTC 2024: ## Nigeria’s Inflation Rate Drops, But Businesses Dispute Reality on Ground

**LAGOS, NIGERIA -** Despite the National Bureau of Statistics (NBS) reporting a consecutive drop in Nigeria’s inflation rate, reaching 32.15% in August, the Organized Private Sector (OPS) argues that the figures don’t reflect the economic realities experienced by businesses and consumers nationwide.

The OPS, represented by the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), asserts that the cost of goods and services continues to escalate, with prices doubling or even tripling in many cases. This surge is attributed to skyrocketing fuel prices, which have impacted transportation, logistics, and production across various sectors.

“The NBS figures are grossly at odds with the escalating cost of living and doing business,” stated Dele Oye, President of NACCIMA. He highlighted the recent admission by the Nigeria National Petroleum Company Limited that petrol lifted from the Dangote refinery will be sold at over N1,000 per liter in the far north, further evidencing the severe supply shortages and exorbitant fuel prices.

The OPS criticizes the NBS’s data collection and analysis methods, stating that the reported decline in inflation fails to reflect the real-world economic pressures faced by businesses and citizens. They urge the government to address the structural and supply-side issues driving inflation, rather than relying on what they consider questionable statistics.

While the Lagos Chamber of Commerce and Industry (LCCI) acknowledges the recent decline in inflation, they suggest it’s likely linked to the skyrocketing petrol prices occurring in September, with August seeing a less extreme increase. LCCI President Gabriel Idahosa believes that inflation is expected to remain high for the second half of 2024, considering the ongoing challenges with fuel, exchange rates, and food availability.

This divergence between the official data and the perceived reality on the ground raises concerns about the reliability of economic indicators in Nigeria and highlights the need for transparent and accurate data collection to inform policy decisions and address the country’s economic challenges.

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