FMDA Projects Nigeria's April Inflation at 16.42%

The Federal Ministry of Development and Agriculture (FMDA) has projected Nigeria's headline inflation to rise to 16.42% in April 2026, influenced by sustained pressures from food prices and elevated energy costs. This forecast represents a moderate increase from the 4.18% recorded in March 2026.

The FMDA report indicates that inflationary pressures are expected to persist due to a combination of global and domestic factors, including rising energy costs and food prices. The report also notes that the naira appreciated by 1.36% to an average of N1,361.22 in April from N1,379.98 in March, which may help partially contain overall inflation outcomes.

Additionally, the FMDA highlights significant tightening in global commodity conditions during April, affecting Nigeria's domestic price environment through import costs. The forecast comes at a sensitive moment for monetary policy, as the Central Bank of Nigeria (CBN) has been actively managing liquidity and interest rates to sustain disinflation throughout 2025.