The Joint Revenue Board says 18 state Houses of Assembly have adopted a model tax harmonisation law intended to reduce overlapping charges on individuals and businesses.

Executive Secretary Olusegun Adesokan disclosed this at the board’s 160th meeting in Kaduna, where officials reviewed progress and implementation challenges.

According to Adesokan, the framework consolidates more than 50 state and local government collection items into nine categories. He said it also prohibits cash collection and revenue-collection roadblocks.

Adesokan rejected suggestions that the reforms had increased taxes across the board, saying low-income earners and micro-businesses were receiving relief.

Opening the meeting, Kaduna Governor Uba Sani urged revenue authorities to address administrative weaknesses and use technology to improve collection processes.

He emphasised that reform should make compliance easier and strengthen taxpayers’ willingness to meet their obligations, rather than focus solely on increasing revenue.

The board said the meeting would help identify outstanding gaps in implementation. Punch

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FTSE Russell has included 10 Nigerian companies in its Frontier Index Series as Nigeria prepares to regain Frontier Market status after nearly three years outside the classification.

The newly eligible companies are Aradel Holdings, Dangote Cement, First HoldCo, Guaranty Trust Holding Company, MTN Nigeria Communications and Nestlé Nigeria.

Others are Nigerian Breweries, Presco, Stanbic IBTC Holdings and Zenith Bank.

FTSE Russell identified all 10 companies as newly eligible large-cap stocks in its September 2026 index review.

Their inclusion will become effective when Nigeria’s reclassification from Unclassified to Frontier Market status takes effect at the opening of trading on September 21, 2026.

The FTSE Frontier Index Series provides benchmarks for the performance of large-, medium- and small-cap companies across eligible frontier markets.

The indices can be organised by company size, region, country and industry. They are also used by institutional investors, asset managers and investment funds to measure performance and create index-tracking products.

The addition of Nigerian companies could increase their visibility among international investors whose portfolios or investment strategies are linked to FTSE Russell benchmarks.

It could also support market liquidity and foreign portfolio participation, although index inclusion does not guarantee that investors will purchase the affected shares.

Nigeria was removed from the Frontier Market category and assigned Unclassified status in September 2023.

The decision followed persistent difficulties faced by international institutional investors in accessing foreign exchange and repatriating investment proceeds from Nigeria.

The country’s journey towards reclassification began in October 2025, when FTSE Russell placed Nigeria on a watchlist after observing improvements in foreign-exchange liquidity, market accessibility and capital repatriation.

In April 2026, the global index provider announced that Nigeria would return to Frontier Market status on September 21.

The process was later subjected to further assessment after the Nigerian capital market transitioned from a T+2 to a T+1 settlement cycle on June 1, 2026.

Under the T+1 system, equity trades are settled one business day after the transaction, compared with two business days under the previous arrangement.

Some international investors expressed concerns that the shorter settlement period could create a practical prefunding requirement, particularly for institutions needing additional time to complete foreign-exchange transactions and transfer money across markets.

The concerns led to consultations involving FTSE Russell, NGX Group, the Securities and Exchange Commission, global custodians and international institutional investors.

Following further assessment, FTSE Russell confirmed on August 27 that Nigeria’s return to the Frontier Market category would proceed as planned.

The selection of Dangote Cement provides additional international visibility for a company that plays a major role in Nigeria and Africa’s building-materials market.

The cement producer is separately pursuing a secondary listing on the London Stock Exchange as part of efforts to broaden its shareholder base and improve access to international capital.

Nairametrics reported that companies categorised as Nigerian megacaps added ₦46.69 trillion in market value between December 31, 2025, and August 31, 2026.

The publication defines a megacap company as one with a market capitalisation of at least ₦5 trillion.

Nigeria’s return to the FTSE Frontier Index Series represents an important step in rebuilding the international credibility of the country’s capital market.

Sustaining the benefits will depend on continued foreign-exchange stability, efficient settlement, reliable capital repatriation and investor confidence in Nigeria’s regulatory environment.

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The dream of building a personal home is becoming increasingly difficult for young Nigerians as rising construction costs, expensive land, limited mortgage access and declining purchasing power combine to weaken housing affordability.

For many young people, securing employment and maintaining regular savings no longer provide a reliable path to homeownership. A growing proportion of household income is now spent on food, rent, transportation, electricity and other necessities, leaving little for land acquisition or construction.

A 2024 savings report by PiggyVest indicated that 65 per cent of Nigerians surveyed either earned below ₦100,000 monthly or had no income.

Only 57 per cent reportedly had some form of financial safety net, down from 64 per cent in the preceding year. The report also found that just 15 per cent had increased their savings, while 19 per cent of those who previously maintained emergency funds had lost them.

The income challenge has been compounded by sharp increases in the prices of essential building materials.

A March 2026 market report placed the price of a 50-kilogramme bag of cement at between ₦11,500 and ₦15,000, compared with about ₦2,500 to ₦3,000 in 2019.

This represents an increase of as much as 367 per cent within seven years.

For a residential project requiring hundreds of bags of cement, the price difference can add several millions of naira to the construction budget.

Other building inputs, including reinforcement steel, sand, granite, roofing sheets, tiles, electrical materials and plumbing products, have also recorded substantial price increases.

Some major building materials reportedly rose by more than 60 per cent, with the increase attributed to inflation, exchange-rate instability, transportation expenses, taxes and higher production costs.

These price changes create severe difficulties for individuals constructing their homes in phases. A budget prepared at the foundation stage may no longer be realistic by the time the owner is ready to begin roofing or finishing work.

Land acquisition presents another major obstacle. In Lagos, Abuja and other rapidly growing urban centres, the cost of land can consume a substantial portion of a young worker’s lifetime savings before construction even begins.

Prospective homeowners must also pay for surveys, title documentation, planning approvals, architectural drawings and other preliminary requirements.

Borrowing is equally difficult. Commercial interest rates remain too high for many individuals seeking loans to build or purchase residential properties.

Although mortgage products are available, eligibility conditions, equity contributions, property-documentation requirements and repayment obligations can exclude workers with modest or irregular incomes.

Labour and professional services add another layer of expense. Residential construction requires masons, carpenters, plumbers, electricians, roofers, painters and tilers.

Developers and individual builders must also engage qualified architects, engineers and quantity surveyors to ensure that projects comply with planning requirements and safety standards.

Attempts to reduce costs by avoiding competent professionals can expose homeowners to defective construction, project abandonment, building failure and future legal problems.

The seven major pressures affecting young prospective homeowners are declining disposable income, expensive cement, rising prices of other materials, high land costs, costly credit, increased labour and professional fees, and inflation during construction delays.

The situation underscores the need for housing policies that recognise the income realities of Nigeria’s young population.

Government interventions could include serviced land schemes, single-digit mortgages, rent-to-own programmes, housing cooperatives, affordable building-material initiatives and support for professionally managed incremental construction.

Reducing the cost of homeownership will require more than encouraging young Nigerians to save. It demands coordinated reforms covering land, finance, infrastructure, construction materials, wages and property documentation.

Without such reforms, owning a home could remain beyond the reach of millions of young Nigerians despite their willingness to work, plan and save.

The post 7 Factors Making It Harder for Young Nigerians to Build Homes in 2026 appeared first on Housing TV Africa.

About 91.4% of Retirement Savings Accounts (RSAs) registered under Nigeria’s Personal Pension Plan (PPP) had no contributions at the end of the first quarter of 2026.

Data from the National Pension Commission (PenCom) showed that 219,316 PPP RSAs had been registered by the end of March. Only 18,811 accounts, or 8.58%, had received contributions.

This left 200,505 registered accounts without funding.

PPP Contributions Reach N147.16 Million

Despite the large number of unfunded accounts, contributions under the scheme continued during the quarter.

PPP contributors paid N147.16 million into their accounts between January and March 2026. This brought total contributions since the scheme began to N1.66 billion.

The figures point to a wide gap between registration and actual participation. Many Nigerians have opened personal pension accounts but have yet to make contributions.

The data came from PenCom’s first-quarter 2026 pension industry report.

Personal Pension Withdrawals

The report also recorded withdrawals from personal pension accounts during the quarter.

Fifteen Personal Pension Contributors (PPCs) withdrew a combined N11.12 million on a contingent basis. Four Pension Fund Administrators (PFAs) processed the withdrawals.

Since the scheme began, 346 PPCs have made contingent withdrawals. Their total withdrawals stood at N124.30 million.

The report also showed differences in market share among PFAs. AccessARM accounted for 33.64% of new PPP RSA registrations during the first quarter.

Its cumulative share stood at 52.4% of all PPP RSAs.

PenCom Reviews Pension Contribution Rates

The PPP figures come as PenCom continues work on reforms to Nigeria’s pension system.

In July, the commission disclosed plans to review statutory pension contribution rates as part of its review of the Pension Reform Act (PRA) 2014.

Under the existing framework, employers contribute at least 10% of an employee’s monthly emoluments. Employees contribute 8%.

Together, the mandatory contributions amount to 18%.

PenCom has indicated that the rate could increase under the proposed reforms. The commission is also working on a new investment vehicle that could direct some pension assets into critical infrastructure projects.

Pension Assets Continue to Grow

The low funding rate among PPP accounts contrasts with the continued growth of Nigeria’s wider pension industry.

PenCom’s unaudited industry report showed that total pension assets reached N31.32 trillion in May 2026.

That figure represented a 1.23% increase from N30.94 trillion in April. Pension assets rose by about N384.98 billion during the month.

The industry also recorded strong annual growth. Total pension assets increased by 29.5% from N24.18 trillion in May 2025.

The growth has increased the importance of pension savings within Nigeria’s financial system. It also gives pension fund managers a larger pool of capital to invest in approved assets.

Personal Pension Coverage Remains a Challenge

The latest PPP figures show that account registration alone does not guarantee retirement savings.

While more Nigerians continue to register pension accounts, the number of accounts receiving contributions remains relatively small. This creates a challenge for efforts to expand retirement protection among people outside the formal employment system.

The issue also matters for Nigeria’s long-term financial security. Regular pension contributions can help individuals build retirement savings while increasing the pool of domestic capital available for investment.

PenCom’s ongoing reforms will therefore face the dual challenge of increasing participation and ensuring that registered accounts become active savings vehicles.

The first-quarter data shows that Nigeria’s pension industry is growing in size, but the large number of unfunded personal pension accounts highlights the need to turn registration into consistent contributions. Closing that gap will be important for expanding retirement coverage and strengthening long-term savings in the country.

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The MOFI Real Estate Investment Fund (MREIF) has provided more than N140 billion in mortgage financing to over 2,000 Nigerians since it began operations in March 2025.

The Federal Government-backed housing finance initiative has expanded its reach across the country. Mortgage beneficiaries now span 27 states, according to Olubiyi Adekunbi, Head of Real Estate Investment at ARM Investment Managers.

Adekunbi disclosed the figures during a FirstBank webinar titled “Beyond Rent: The Path to Home Ownership Leveraging FirstBank-MREIF Home Loan Scheme to Build Long-Term Wealth.”

MREIF Mortgage Disbursements Begin in 2025

MREIF began mortgage disbursements in April 2025. By August 2026, more than 2,000 people had received financing through the scheme.

Adekunbi said the fund has maintained a relatively fast application process. He added that applicants do not need personal connections to move their applications through the system.

The quickest mortgage transaction under the programme took less than three weeks, he said. However, applicants must submit the required documents and complete all due diligence checks before approval.

Adekunbi said eligible applicants could potentially complete the process and secure a home within a month.

Mortgages Available Across 27 States

Lagos and Abuja account for the largest share of applications under the scheme. However, MREIF has extended mortgage financing to properties in 27 states across Nigeria’s six geopolitical zones.

Properties in Ogun, Oyo, Enugu, Kano and Kaduna can qualify for financing. Applicants must provide valid land titles and clear ownership records for the properties.

The scheme also serves Nigerians living abroad, provided they meet the required eligibility and documentation conditions.

Adekunbi said the average age of applicants stands at 43. Mortgage repayment periods generally take retirement age into account.

Most loans are structured around a retirement age of 60. Some professionals, including lecturers and judges, may qualify for different arrangements because of their higher retirement ages.

Nigeria Needs More Housing Finance

The MREIF expansion comes as Nigeria continues to face a major shortage of housing.

Sani Yakubu, MREIF National Coordinator at the Ministry of Finance Incorporated (MOFI), said Nigeria needs to build at least 700,000 housing units each year to address the housing gap.

He said the country currently produces about 100,000 units annually. The difference between required and actual housing production highlights the scale of the supply challenge.

Yakubu linked part of the problem to limited access to affordable mortgage finance. Developers also face difficulties raising capital and obtaining proper land documentation.

He said MREIF aims to support existing financial institutions rather than replace them. The fund, he explained, is intended to help strengthen the mortgage market and increase access to long-term housing finance.

Government Provides N150bn for First Tranche

The first N250 billion tranche of the MREIF programme received N150 billion from the Federal Government.

Private-sector investors contributed the remaining N100 billion. The tranche forms part of the wider N1 trillion MREIF programme registered with the Securities and Exchange Commission.

Nigerian professionals developed the fund structure. Vetiva Capital Management serves as financial adviser, while STL Trustees acts as trustee and First Nominees serves as nominee.

The funding model is designed to attract additional capital into Nigeria’s real estate and mortgage sectors. Greater availability of long-term finance could help more households move from renting to home ownership.

MREIF Mortgage Terms

MREIF offers mortgages of up to N100 million at an interest rate of 9.75%. Eligible borrowers can repay the loans over periods of up to 20 years.

Applicants must provide at least 10% equity toward the property purchase. Contributors to the Contributory Pension Scheme can also use up to 25% of their Retirement Savings Account balance to meet the equity requirement.

MREIF caps its mortgage exposure at N100 million per property. Buyers seeking properties above that value must fund the balance through other sources.

These may include personal savings, approved pension withdrawals or other available funding.

MREIF Reports N14.49bn Profit

The mortgage expansion follows MREIF’s reported financial performance for the first half of 2026.

The fund recorded N14.49 billion in profit before tax for the six months ended June 30, 2026. It generated total income of N17.48 billion during the period.

Interest income from financial assets measured at amortised cost contributed N8.10 billion. Cash and cash equivalents generated a further N6.21 billion.

After a withholding tax charge of N250.5 million, profit after tax stood at N14.24 billion.

FirstBank Partnership Expands Mortgage Access

The latest figures also follow FirstBank’s partnership with MREIF to expand access to mortgage financing.

Under the partnership, eligible Nigerians can seek mortgage loans of up to N100 million. The initiative is part of broader efforts to increase access to home financing and support home ownership.

MREIF’s growing disbursement figures show the potential role of long-term mortgage finance in Nigeria’s housing market. However, expanding access will also require adequate housing supply, clear land titles and financing that households can sustain over the life of their loans.

For Nigeria’s housing sector, the continued rollout of MREIF could help connect homebuyers with longer-term finance while giving developers greater access to capital. The fund’s ability to expand beyond major markets will also be important as the country seeks to increase home ownership and narrow its housing supply gap.

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The International Monetary Fund (IMF) has urged Nigeria and other major African economies to strengthen fiscal, monetary and governance reforms as part of efforts to improve economic stability and promote broader-based growth.

In its assessment of reform priorities across eight of the African Union’s largest economies, the IMF identified fiscal reform as a key priority in all but one of the countries reviewed. For Nigeria, the areas highlighted include tax policy, revenue collection, public financial management and more efficient government spending.

The Fund also identified improvements to monetary policy frameworks and policy transmission as priorities for Nigeria, Egypt and Ethiopia. In Nigeria’s case, it said governance reforms should include stronger fiscal transparency, better public financial management and improved anti-corruption measures.

The IMF said stronger domestic revenue mobilisation and more transparent and efficient public spending would help African economies build more resilient institutions. It argued that stronger fiscal and monetary frameworks can support sustainable and inclusive economic growth.

Nigeria’s tax reform agenda

The recommendations come as the Federal Government continues to implement a wide-ranging reform of Nigeria’s tax system. The new framework, which took effect in January 2026, is built around the Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service (Establishment) Act and Joint Revenue Board (Establishment) Act.

The reforms are intended to simplify tax administration, remove overlapping taxes, improve compliance and broaden government revenue. They are also designed to reduce the regulatory and tax burden on smaller businesses.

However, businesses continue to cite taxation as a major operating challenge. The Central Bank of Nigeria’s July 2026 Business Expectations Survey found that 70.8 per cent of respondents identified high and multiple taxation as their biggest constraint, ahead of insecurity and high interest rates.

For the housing and construction sectors, the quality of fiscal policy has direct implications. Developers, contractors and property businesses operate within a wider environment shaped by taxation, public infrastructure spending, interest rates and access to finance. Changes that improve tax administration while reducing unnecessary duplication could affect project costs and investment decisions.

Monetary policy remains a concern

The IMF’s call for stronger monetary policy frameworks follows an aggressive tightening cycle by the Central Bank of Nigeria (CBN) in recent years.

After Olayemi Cardoso became CBN governor in 2023, the bank pursued tighter monetary and liquidity conditions alongside foreign exchange reforms. The measures were aimed at addressing inflationary pressures, strengthening market confidence and improving macroeconomic stability.

The Monetary Policy Rate stood at 18.75 per cent in 2023 before the CBN began raising it in 2024. The benchmark rate increased to 22.75 per cent in February 2024 and eventually reached 27.5 per cent by the end of that year.

The CBN also increased banks’ Cash Reserve Ratio from 32.5 per cent to 45 per cent in early 2024 and later to 50 per cent as part of efforts to reduce excess liquidity.

The policy environment has since moved towards gradual easing as inflationary pressures moderated and economic conditions improved. Presidential aide Tope Fasua has nevertheless argued that the country should reconsider its tight monetary stance, warning that persistently high interest rates could restrict economic expansion without delivering the desired reduction in inflation.

Financing risks and infrastructure

The IMF’s concerns also extend to Nigeria’s approach to sovereign financing. In June, the Fund cautioned the country over plans to raise as much as $5 billion through a derivatives-based financing arrangement with First Abu Dhabi Bank.

The IMF warned that such structures can expose governments to significant risks because their terms may be difficult to evaluate fully.

The Federal Government has also secured about $1.2 billion in financing from the United Arab Emirates for construction of a major section of the Lagos–Calabar Coastal Highway.

Infrastructure financing remains important to Nigeria’s wider development prospects because transport networks and public investment influence access to housing, construction activity, land values and the expansion of urban centres.

For Nigeria, the IMF’s recommendations therefore extend beyond macroeconomic indicators. Stronger public finances, effective monetary policy, transparent governance and disciplined infrastructure financing can shape the operating environment for businesses and determine how effectively public resources support economic and urban development.

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Nigeria has ranked 56th among the world’s 60 poorest countries in a 2026 ranking by Global Finance magazine.

The ranking uses GDP per capita based on purchasing power parity (PPP). Nigeria recorded $9,532.92, placing it close to the upper end of the list.

However, Nigeria fell 12 places from its 44th position in the 2025 ranking. The decline places the country among several African economies with low GDP-PPP per capita.

Africa dominates the ranking

African countries make up nine of the 10 poorest countries on the 2026 list. Yemen is the only non-African country in the bottom 10.

Burundi ranks as the poorest country, with GDP per capita of $994.23. The Central African Republic follows with $1,437.72. South Sudan ranks third at $1,467.19.

Yemen comes fourth with $1,590.19. Mozambique, Malawi, Somalia, Liberia, Madagascar and the Democratic Republic of the Congo complete the bottom 10.

The ranking uses PPP to compare economic conditions across countries. The measure adjusts for differences in prices, living costs and inflation.

This provides a different picture from nominal GDP per capita. It focuses more on the amount of goods and services that income can buy within each economy.

Nigeria ranks above several African economies

Nigeria ranks above several African countries on the list. Niger is 11th with $2,108.46, while Sudan ranks 13th with $2,427.43.

Burkina Faso is 16th with $3,060.34. Lesotho ranks 17th at $3,211.83, followed by Chad and Guinea-Bissau.

Mali takes 20th place with $3,480.41. Togo ranks 21st, while The Gambia and Sierra Leone occupy the 22nd and 23rd positions.

Uganda ranks 26th with $3,923.83. Rwanda and Tanzania follow at 29th and 30th.

Zambia ranks 31st with $4,380.77. Ethiopia follows at 32nd with $4,498.55. Guinea and Benin rank 33rd and 34th respectively.

Senegal occupies 37th place with $5,440.63. Cameroon follows in 38th position with $5,782.69.

Kenya ranks 44th with $7,590.60. Zimbabwe is 46th with $7,985.23, while Côte d’Ivoire takes 48th place with $8,165.34.

Ghana ranks 51st with $8,613.25. Mauritania is 52nd at $8,831.81, while Djibouti ranks 55th with $9,435.70.

Nigeria comes next at 56th with $9,532.92. Nicaragua ranks 57th with $9,765.25.

Nigeria’s economic position and housing

Nigeria’s ranking also has implications for the housing and real estate sectors.

Household income affects the ability of families to pay rent, buy land or purchase homes. It also influences demand for mortgages and other forms of housing finance.

Lower purchasing power can make housing costs harder to manage. It can also limit the number of households that can afford formal housing in major cities.

The construction sector faces similar pressures. High costs for land, building materials, labour and finance can make new housing more expensive.

These challenges make affordable housing policies important for Nigeria. Housing programmes must also consider household incomes and access to finance.

Wider African picture

The ranking shows that low-income economies remain heavily concentrated in Africa. Countries across West, East, Central and Southern Africa appear throughout the lower part of the table.

Angola ranks 59th with $10,274.90. Laos ranks 60th with $10,379.98, placing it at the bottom end of the ranking despite being outside Africa.

The 2026 figures also show notable changes from the previous ranking. Burundi moved from second place to first, while South Sudan fell from first to third.

The Democratic Republic of the Congo moved from seventh to 10th. Nigeria recorded one of the more notable changes, falling from 44th to 56th.

For Nigeria’s housing sector, the figures highlight the link between economic capacity and access to decent housing. Income levels affect homeownership, rent affordability, mortgage access and the ability of households to invest in property.

The ranking therefore offers more than an economic comparison. It also points to the importance of stronger incomes, affordable housing supply, accessible housing finance and effective infrastructure investment in improving living conditions.

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Sudan recorded the highest inflation rate among the African countries reviewed in July 2026, with annual consumer price growth reaching 41.61%, while Nigeria ranked third at 15.43%, according to the latest available consumer price index data.

The figures, drawn from national statistical agencies and central banks, cover the most recent readings available between June and July 2026. South Sudan was excluded because its latest reported inflation figure dates back to May 2025.

Sudan’s 41.61% inflation rate was significantly above the rest of the countries in the ranking. However, the figure represented a sharp decline from 51.28% in June, a reduction of 9.67 percentage points.

Despite the annual slowdown, consumer prices in Sudan continued to rise during July. The country’s general Consumer Price Index increased 1.47% month-on-month, while urban inflation stood at 45.24% and rural inflation at 39.85%.

Malawi ranked second, with inflation easing to 20.80% in July from 21.10% in June. The decline was mainly linked to lower food-price pressures, with food inflation falling to 14.3% from 14.7%.

Non-food inflation in Malawi, however, moved higher to 32.2%, largely because of increases in charcoal and firewood prices. The figures highlight the continued influence of food and energy costs on household purchasing power across African economies.

Nigeria came third at 15.43%, down from 15.91% in June. While the headline rate continued to moderate, food inflation moved in the opposite direction, rising to 20.31% year-on-year.

The National Bureau of Statistics reported a sharp increase in Nigeria’s monthly food inflation rate, which rose to 5.56% from 3.75% in June. Higher average prices for rice, water yam, plantain, fresh pepper, onions, tomatoes, garri, beef and eggs contributed to the increase.

Ethiopia ranked fourth, recording 15.30% inflation in July, compared with 13.90% in June. Food inflation rose to 15.7%, while non-food inflation increased to 14.8%. Monthly consumer prices also rose 2.6%, the strongest monthly increase since March 2025.

Sierra Leone followed at 14.77% in June, up from 12.69% in May. The increase was driven largely by non-food inflation, which reached 21.03%. Housing, water, electricity, gas and other fuels recorded an annual increase of 81.33%, while transport prices rose 40.23%.

Rwanda recorded 14.50% inflation in July, up from 13.60% a month earlier. Transport prices increased 24.2% year-on-year, while housing, water, electricity, gas and other fuels rose 21.0%.

Egypt ranked seventh with 13.00% inflation in July, compared with 12.20% in June. Housing, water, electricity, gas and fuel recorded a 31.1% annual increase, while transport and education costs rose 21.1% and 20%, respectively.

Libya recorded 12.70% inflation in June, down from 14.00% in May. Food inflation also eased substantially, falling to 13.90% from 17.60%.

São Tomé and Príncipe posted 9.70% inflation in June, up from 9.20%, while Botswana completed the ranking at 9.40%. Botswana’s decline was linked partly to lower domestic fuel prices introduced on July 7.

The inflation trends have implications beyond household consumption. Higher prices for building materials, transport, energy and other inputs can increase construction costs, put pressure on property development budgets and affect the affordability of housing and infrastructure projects.

For Nigeria, the combination of easing headline inflation and rising food inflation remains particularly important for the housing sector. Developers, contractors, homebuyers and mortgage borrowers continue to operate in an environment where the cost of essential goods and services can influence construction budgets, household disposable income and the ability to finance housing.

Across the 10 countries, five recorded higher inflation while five saw their rates decline. The contrasting movements underline the different pressures facing African economies, with food, energy, transport and broader consumer costs remaining important drivers of inflation.

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The Federal Government has explained how it shared N15.8 trillion in savings from fuel subsidy removal over the past three years.

Finance Minister Taiwo Oyedele gave the figures at a press conference on Wednesday. He explained how the subsidy reform affected government finances and the Federation Account.

According to Oyedele, the government saved N15.8 trillion after removing the fuel subsidy. The Federal Government, states and local governments shared the funds.

The Federal Government received N5.43 trillion from the savings. State governments received N6.52 trillion, while local governments received N3.88 trillion.

Oyedele said the savings did not create one large cash reserve for the Federal Government. Instead, the reform reduced the cost of maintaining the fuel subsidy.

Government Records Additional Revenue

The finance minister also disclosed other financial gains from the reforms.

The government generated N3.12 trillion in additional revenue during the period. It also recorded N11.85 trillion in additional borrowing.

Together, these sources gave the Federal Government about N20.4 trillion in additional resources.

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However, government spending also increased during the same period. Oyedele said the Federal Government spent about N30.64 trillion on additional expenditures.

The figures show that subsidy removal did not leave the government with a large surplus. Instead, the reform helped reduce the pressure on government finances.

Oyedele said the government would have needed more borrowing without the savings from subsidy removal.

Where the Government Spent the Money

The government directed the additional spending towards several areas.

Wage adjustments accounted for N9.39 trillion. The government also spent N9.37 trillion on external debt servicing.

Infrastructure received N6.47 trillion during the period. The government also spent N3.14 trillion on electricity subsidies.

These figures show the scale of the demands on Nigeria’s public finances. The government must fund wages, debt payments, infrastructure and other public services at the same time.

Impact on Housing and Infrastructure

The figures also matter to Nigeria’s housing and construction sectors.

Government revenue plays an important role in infrastructure development. Roads, electricity, water supply and other public services support housing projects and urban growth.

Higher public spending on infrastructure can improve access to new housing areas. It can also support the growth of real estate markets when better roads and public services connect new developments to major cities.

However, rising costs remain a major concern for the construction industry. Higher energy, transport and material costs can increase the cost of building homes.

Developers also face higher financing costs when interest rates and other economic pressures rise. These factors can make affordable housing more difficult for many Nigerians to access.

Tinubu’s Economic Reforms

President Bola Ahmed Tinubu announced the removal of the petrol subsidy in May 2023. His administration also liberalised the foreign exchange market in June 2023.

Both reforms changed the cost of fuel and the value of the naira. Petrol prices rose sharply after the subsidy ended, while the naira experienced major fluctuations.

The reforms have since affected households, businesses and government finances.

The latest figures provide more detail on the financial impact of the subsidy decision. They also show how the government has used additional resources while managing rising spending needs.

For Nigeria’s housing and infrastructure sectors, the allocation of public funds remains important. Government investment can support infrastructure that makes housing development possible.

At the same time, the government must balance infrastructure needs with debt payments, wages and other financial obligations.

The N15.8 trillion breakdown therefore offers a clearer picture of the fiscal impact of fuel subsidy removal. It also highlights the financial pressures facing the government as it funds infrastructure and other public needs.

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The Federal Competition and Consumer Protection Commission (FCCPC) has opened a further investigation into Nigeria’s cement market after preliminary findings suggested that the country’s high cement prices may not be fully explained by normal market conditions.

The investigation follows a three-month cross-border study by the FCCPC’s Anticompetitive Practices Department, conducted in response to widespread complaints over the rising cost of cement.

The commission compared Nigeria’s cement market with those of Kenya, Tanzania, South Africa, Egypt, Morocco, Algeria and Togo, examining factors including limestone availability, production capacity, domestic consumption and retail prices.

Cement Prices Rise Despite Local Production Capacity

According to the FCCPC, Nigeria has substantial limestone deposits and installed cement production capacity estimated at between 60 million and 65 million metric tonnes annually.

Domestic consumption, however, is estimated at between 25 million and 30 million tonnes, meaning the country has significant installed capacity relative to its domestic demand.

Despite this, cement prices have continued to rise.

The FCCPC said a 50kg bag that sold for about ₦9,300 to ₦9,700 in January had risen to between ₦10,500 and ₦13,000 by mid-year.

By July, prices had reached between ₦13,000 and ₦15,000 in some parts of the country.

Cement Cheaper in Kenya and Togo

The commission’s international comparison produced another notable finding.

In Kenya, where the population is significantly smaller than Nigeria’s and domestic cement demand was estimated at 9.3 million tonnes in 2025, a 50kg bag sold for approximately $5.40, equivalent to about ₦7,344 based on the exchange rate used in the study.

In Tanzania, the equivalent price was about $4.80, or approximately ₦6,528.

Even in Togo, a country the FCCPC said does not have limestone deposits, a 50kg bag sold for approximately $6.75, equivalent to about ₦9,180.

The comparison has raised questions about why Nigerian consumers are paying substantially more despite the country’s considerable limestone resources and installed production capacity.

FCCPC Investigates Possible Anti-Competitive Practices

The commission said its preliminary findings indicate possible manipulation of cement prices in the Nigerian market.

However, the investigation is still ongoing.

The FCCPC said it will examine whether prices are being driven by legitimate production and distribution costs or whether anti-competitive practices may be contributing to the situation.

Areas under investigation include possible coordinated conduct, abuse of market power, restrictions on domestic supply and anti-competitive distribution practices.

The findings therefore should not be interpreted as proof that cement manufacturers have engaged in illegal price manipulation. The investigation is intended to establish what is actually driving prices.

What High Cement Prices Mean for Housing

The issue extends beyond the construction industry.

Cement is one of the most important inputs in building houses, roads and other infrastructure. When its price rises sharply, developers face higher construction costs.

Those costs can eventually be passed on to homebuyers through higher property prices.

For households attempting to build their own homes, rising cement prices can also mean that construction has to be delayed, reduced in scope or completed in stages.

This is particularly significant at a time when Nigeria is already dealing with a major housing affordability challenge.

Construction Costs and Housing Affordability

High cement prices can create a chain reaction across the housing market.

Higher cement prices → higher construction costs → higher house prices → reduced affordability.

The impact can also affect government housing programmes and private developers trying to deliver homes at lower prices.

Even where land and financing are available, escalating construction costs can make it harder for developers to maintain the prices originally planned for a project.

That makes the FCCPC investigation particularly relevant to Nigeria’s housing sector.

What Happens Next?

The FCCPC said the investigation will continue as it examines the structure of Nigeria’s cement market and the factors influencing retail prices.

The commission’s eventual findings could determine whether further regulatory or enforcement measures are required.

For consumers and the construction industry, the central question is straightforward: are Nigeria’s high cement prices a consequence of legitimate costs, or is competition in the market being restricted?

The answer could have significant implications for construction costs and housing affordability across the country.

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