Nigerians, business owners in squeeze amid fourth inflation decline

Despite the fourth consecutive decline in the country’s inflation rate, Nigerians and businesses are yet to experience the much expected relief.

reports that Nigeria’s inflation dropped to 21.88 percent in July from 22.22 percent in June. A decline has been the case since April 2025, when it stood at 23.7 percent on a month-on-month basis.

The drops have excited President Bola Ahmed Tinubu’s team as they reflect on their principal’s leadership gains in the last two years.

This is also the case with the country’s Gross Domestic Product, which grew to N372.8 trillion in 2024 after the rebase in July 2025.

DAILY POST reports that, like Nigeria’s GDP, the inflation rate was also rebased in January this year, resulting in a sharp decline of the year-on-year headline inflation rate to 24.48 percent from 34.80 percent.

Perhaps, the reason Nigeria’s former Finance Minister, Ngozi Okonjo-Iweala said the country’s economy is stabilising, during her recent visit to President Tinubu.

Meanwhile, while the rebase led to a significant drop in the standing of the country’s inflation, Nigerians and businesses have continued to experience worsening economic realities.

Beautiful Statistics but Hungry Nigerians

Food prices, interest rates (27.50 percent in July), energy prices, and transportation costs have remained elevated.