RFA Breakfast Paper - April 15, 2026
Nigeria’s Inflation Ticks Up to 15.38%, Ending Disinflation Run
Annual inflation in Nigeria rose to 15.38% in March 2026 from 15.06% in February, marking the first increase after 11 consecutive months of disinflation. The uptick was driven by renewed pressure on food prices (14.31% vs 12.12%) and a sharp rise in transport costs (16.9% vs 14.7%), largely reflecting higher domestic fuel prices linked to the Middle East crisis. Additional pressures came from miscellaneous goods & services (24.5% vs 21.2%), while some categories saw easing, including housing & utilities (10.2% vs 18.8%), alcoholic beverages & tobacco (4.5% vs 9.4%), and clothing & footwear (8.5% vs 16.1%). Meanwhile, core inflation accelerated to 16.21% from 15.88%, signalling broader underlying price pressures. On a month-on-month basis, CPI jumped 4.2%, the fastest increase since January 2025, driven primarily by a rebound in transport costs (4% vs -0.3%), highlighting the growing pass-through from energy prices.
U.S. Stocks Rise as Earnings Season Begins and Oil Prices Ease
U.S. equity markets advanced on Wednesday as investors turned their attention to the start of the corporate earnings season, with technology and consumer discretionary stocks leading the gains. While domestic confidence in growth sectors rose, U.S. Treasury yields also climbed, pushing the 10-year yield to 4.28% amid a modestly weaker U.S. Dollar. Internationally, Asian markets closed higher while European equities struggled to keep pace. On the macroeconomic front, March import prices rose a lower-than-expected 0.8% month-over-month, primarily driven by energy costs, though the annual increase of 2.1% remained well below the broader Consumer Price Index. This suggests that factors like lower tariffs may be tempering domestic inflation, potentially limiting the long-term impact of energy-driven price spikes if geopolitical disruptions in the Strait of Hormuz begin to subside.
NGX Rallies as Blue-Chip Buying and New Listing Support Market
The Nigerian equity market closed today’s session in positive territory, as the NGX All-Share Index (NGX-ASI) rose by 1.65% while Market Capitalization increased by 1.68%. The stronger market capitalization growth reflected the additional listing of new shares from Champion Breweries Plc following its rights issue and offer for subscription. Consequently, the benchmark index gained 3,403.48 basis points to close at 209,317.41, while Market Capitalization advanced by ₦2.23 trillion to settle at ₦134.77 trillion. The rally was also supported by sustained buying interest in blue-chip stocks including ARADEL, AIRTELAFRI, ZENITHBANK, and GTCO across major sectors.
