Nigeria’s Inflation rate falls for the first time in 15 months

Nigeria’s inflation rate fell for the first time in about 15 months as consumers price index went down signalling a recovery of the country’s economy.

In a report released on Tuesday by the national Bureau of Statistics NBS, the inflation rates dropped from 18.17 percent in January to 17.78 percent in February 2017.

According to NBS this represents the first time in 15 months that the headline CPI has declined on year on year basis.

Representing the effects of slower rises in already high food and non food prices and favourable base effects over 2016 prices.

In the report, the bureau said the country however, recorded price increases in “housing, water, electricity, gas and other fuel, education, food and alcoholic beverages, clothing and foottware and transportation services.

However, despite the signs of recovery, food prices remain on the rise, with a surge in food index, from 17.82 percent in January to 18.53 percent in February 2017.

Nigeria: Inflation slows for first time in 15 months https://t.co/bD7aUz0wMT pic.twitter.com/ZcG5801VVX

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Meanwhile, the Central Bank of Nigeria (CBN) has disclosed plans of positioning the country’s insurance industry among the 15 largest in the world come year 2020.

The apex bank says a lot of transformations was going on in the sector, as enshrined in its Financial System Stability 2020 (FSS 2020) aimed at revamping the sector.

The Bank added that it was working with the national Insurance Commission to achieve this feat.