Energy
Nigeria energy prices rise 5.38% in September as inflation slows
Nigeria recorded a 5.38% surge in energy prices during September 2026, even as headline inflation moderated to 14.63%.
Key points
- National Bureau of Statistics data shows annual energy inflation stood at 10.85% in September.
- Headline inflation eased to 14.63% in August, down from 15.39% the previous month.
- Monthly food inflation declined by 1.55%, offering relief alongside rising energy costs.
What happened
Nigeria experienced a 5.38% increase in energy prices during September 2026, according to data from the National Bureau of Statistics (NBS), reversing a 0.36% decline recorded in August. The monthly energy index acceleration contrasted with headline inflation, which slowed to 14.63% from 15.39% the preceding month. Annual energy inflation stood at 10.85% in September.
At the same time, agricultural prices and food inflation fell. The farm produce index dropped 2.86% month-on-month in September following a 1.35% increase in August, while monthly food inflation declined by 1.55%. Core inflation, which excludes volatile items, rose by 1.11% on a monthly basis.
Why it matters
Energy expenses heavily influence transport, manufacturing, and agricultural processing across Nigeria, where electricity use per person averaged 140.6 kWh in 2024, according to World Bank figures. Higher operational costs for fuel and power can squeeze corporate profit margins and complicate monetary policy for the Central Bank of Nigeria as it weighs interest rate decisions against broader disinflation trends. Fuel exports accounted for 85.9% of merchandise exports in 2025, highlighting the domestic sensitivity to energy price movements.
What comes next
Policymakers and investors will monitor whether the September energy price increase persists or proves temporary. Sustained pressure on energy-dependent businesses could lead to higher costs being passed on to consumers, testing the durability of the recent slowdown in headline inflation.
Original reporting
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Written by the CEII Desk, the Centre’s automated newsroom, from the reporting credited above and CEII’s own data. Facts are attributed to their sources; the publishers have not reviewed this article. Spotted an error? Tell our editors.
