Business
NBS to Normalise December 2025 Inflation Data
The NBS will normalise December 2025 inflation data, correcting base effects from CPI rebasing for accurate economic reporting
The National Bureau of Statistics (NBS) has announced plans to normalise Nigeria’s inflation data for December 2025 following a projected spike in the Consumer Price Index (CPI), which the Bureau attributed to statistical base effects rather than underlying economic conditions.
Also read: Headline Inflation Reduces To 15.99% In October — NBS
The clarification came during a virtual engagement on Monday convened by the NBS and the Nigerian Economic Summit Group (NESG).
Statistician General of the Federation and NBS CEO, Adeyemi Adeniran, explained that the spike stems from the rebasing of the CPI to 2024 as the new base year, marking the first rebasing since 2009.
“Base effects are common in statistical practice, particularly when comparing data across periods with unusually high or low prices. The expected spike in December 2025 arises from this arithmetic effect and is not reflective of structural economic changes,” Adeniran said.
The NBS will apply a normalisation process, using the average CPI from January to December 2024 as the reference period, instead of equating December 2024 to 100.
This adjustment, in line with the CPI Manual 2020, aims to remove artificial distortions and provide a clearer picture of inflation trends.
Dr Ayo Anthony, Director of Price Statistics at NBS, outlined methodological changes resulting from the rebasing, which introduced over 400 new products into the CPI basket and removed more than 200 items, reflecting evolving consumption patterns.
Anthony noted that without adjustment, December 2025 inflation could appear artificially high.
NESG CEO Dr Tayo Aduloju emphasised the importance of credible CPI data for policy formulation, stating that misleading inflation signals could undermine macroeconomic stability as Nigeria transitions from stabilisation to consolidation reforms.
While the normalisation affects published figures from January to December 2025, the NBS assured stakeholders that the impact is minor and will be clearly communicated.
From January 2026 onwards, the base effect will no longer influence CPI calculations, as comparisons will rely solely on actual rebased index values.
However, some economists expressed concerns over credibility.
Former Zenith Bank chief economist Marcel Okeke warned that adjusting figures could undermine confidence and comparability with other economies.
Investment banker Adetilewa Adebajo
echoed these concerns, questioning how inflation could appear to double from November to December without reflecting real price changes.
The NBS affirmed that the normalisation follows global best practices, with consultations from the IMF, World Bank, and Central Bank of Nigeria.
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Adeniran stressed the importance of regular rebasing to avoid distortions and improve the accuracy of economic indicators.
The Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has dismissed allegations that it appropriated the Niger Delta Economic & Investment Summit (NDEIS) brand, insisting it lawfully obtained trademark acceptance for the name and will proceed with its 2026 summit as scheduled.
In a statement issued on September 12, 2026, the chamber described claims by Kunle Nwiwa Junior as “cheap blackmail, misleading, mischievous and a misrepresentation of the facts,” maintaining that it independently developed the summit and followed all required regulatory procedures.
According to NDCCITMA, it applied for and received a Trademark Acceptance Letter for the name Niger Delta Economic & Investment Summit (NDEIS) in August 2025 under File No. NG/TM/O/2025/387284.
The chamber said the chronology of events contradicts allegations that it copied another party’s application, arguing that its trademark acceptance predated the period during which Nwiwa’s own application was reportedly still pending before the relevant authorities.
“Economic Summit” is a generic expression
NDCCITMA further argued that the phrase “Economic Summit” is a generic description widely used for conferences that bring together governments, investors, businesses, development institutions and other stakeholders to discuss investment and economic development.
The chamber maintained that while concepts may be widely used, legal protection only arises from recognised intellectual property rights, including duly registered trademarks and other enforceable proprietary interests.
It therefore rejected suggestions that any individual or organisation has exclusive ownership of the broader concept of an economic summit.
Court grants interim injunction
Addressing reports that the summit had been halted, NDCCITMA said the dispute is already before the Federal High Court in Port Harcourt and that there is no court order restraining the event.
The chamber disclosed that in Suit No. FHC/PHC/CS/57/2026, Justice Stephen Dalyop Pam granted an interim injunction restraining the defendants—Kunle Nwiwa Junior and Keneva Consult Ltd.—from interfering with the planned summit.
According to NDCCITMA, the court also directed the defendants to remove publications, notices, petitions, social media posts and other statements allegedly considered damaging to the chamber’s name, integrity and reputation pending the hearing of its motion for interlocutory injunction.
The matter has been adjourned until September 22, 2026 for further hearing.
Chamber rejects ₦500 million demand claim
NDCCITMA also alleged that it had received a demand from Nwiwa Junior requesting ₦500 million as a condition for abandoning his claims over the summit.
The chamber said the demand was rejected, adding that it subsequently petitioned the Inspector-General of Police over what it described as repeated harassment and threats directed at its officials.
It said the petition sought police intervention, including inviting the complainant for questioning and caution where necessary.
Summit opens September 15
Despite the legal dispute, NDCCITMA reaffirmed that the 2026 Niger Delta Economic & Investment Summit will hold from September 15 to 17, 2026, at the Obi Wali Conference Centre in Port Harcourt, Rivers State.
The summit will be held under the theme “Driving Investment, Innovation & Industrial Growth in the Niger Delta” and is expected to bring together policymakers, investors, business leaders, development partners and industry stakeholders to discuss economic transformation across the region.
The chamber said it remains committed to promoting commerce, industry, trade, mining, agriculture and sustainable economic development throughout the Niger Delta while allowing the courts to determine all outstanding legal issues.
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