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.
Also read: Access Bank and the Rebirth of the National Theatre: Revitalising Nigeria’s Cultural Future
Adeniran stressed the importance of regular rebasing to avoid distortions and improve the accuracy of economic indicators.
Business
ISAT Group Rebrands, Partners Afro Mobile to Launch High-Speed Broadband Services in Nigeria by Q3 2026
New identity signals bold expansion as landmark investment accelerates affordable, high-speed connectivity for millions of Nigerians.
Nigeria’s digital economy is set for a major boost as ISAT Group unveiled a new corporate identity and announced a strategic alliance with Afro Mobile, ahead of its Q3 2026 commercial launch.
The partnership is underpinned by Afro Mobile’s acquisition of a 40% equity stake in ISAT Group and a US$3 billion financing package structured by Equiline Finance, positioning the alliance among the largest indigenous broadband investment initiatives in Nigeria’s telecommunications sector.
The rebranding marks ISAT Group’s evolution into a next-generation digital connectivity company focused on broadband, satellite communications and enterprise solutions. Together, the partners will expand affordable, high-speed internet access to homes, businesses, government institutions and underserved communities nationwide.
ISAT Group Chief Executive Officer, Dr. Adeyanju Binuyo, described the development as a transformational milestone.
“Our vision extends beyond connectivity. We are building the digital infrastructure that will power businesses, connect communities, stimulate innovation and accelerate Nigeria’s digital economy. This partnership demonstrates our commitment to making world-class broadband accessible to every Nigerian.”
Group Chairman, Mr. Ganiyou AFOLABI Moustapha, said the alliance reflects ISAT Group’s long-term confidence in Nigeria’s future.
“This investment is a strong vote of confidence in Nigeria’s digital economy. Together with Afro Mobile, we are building a resilient indigenous broadband platform that will create jobs, drive innovation and support inclusive national development.”
With operations commencing in Q3 2026, ISAT Group and Afro Mobile are poised to emerge as a leading indigenous broadband provider, delivering next-generation connectivity that will help bridge Nigeria’s digital divide and power the country’s next phase of economic growth.
Business
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