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23 Feb

Headline Inflation eased to 15.10% in January 2026

Dear Esteemed Client,
Nigeria’s headline inflation rate continued its downward trajectory in January 2026, easing to 15.10% relative to the 15.15% recorded in December 2025. On a year-on-year basis, inflation fell sharply by 15.10% from 27.61% recorded in January 2025. The Consumer Price Index (CPI) declined to 127.4 points in January from 131.2 in December, representing a 3.8-point decrease. On a month-on-month basis, inflation was -2.88% in January, which was 3.42% lower than the rate recorded in December 2025 (0.54%), showing a lower rate of price increases. The 12-month average inflation rate stood at 21.97% for the twelve months ending January 2026, up from 17.59% in January 2025.

Disaggregating the inflation, urban inflation eased to 15.36% year-on-year in January 2026, a significant decline from 29.45% in the same month of 2025. However, it eased month-on-month to -2.72% from 0.99% in December. The 12-month average urban inflation rate rose to 22.30% in January 2026, which was 3.42% points higher compared to the 18.88% reported in January 2025. Similarly, rural inflation stood at 14.44% year-on-year, lower by 10.60% points compared to the 25.04% recorded in January 2025. On a monthly basis, it fell to -3.29% from -0.55% in December, while the 12-month average rural inflation rate declined to 21.03% from 30.79% a year earlier (January 2025).

Food inflation, a key component of headline inflation, dropped markedly to 8.89% year-on-year from 29.63% in January 2025, partly due to the base-year effect. On a month-on-month basis, the Food inflation rate in January 2026 was -6.02%, down by 5.66% compared to December 2025 (-0.36%). The decrease can be attributed to the rate of decrease in the average prices of Water Yam, Eggs, Green Peas, Groundnut Oil, Soya Beans, Palm Oil, Maize (Corn) Grains, Guinea Corn, Beans, Beef Meat, Melon (Egusi) Unshelled, and Cassava Tuber. The 12-month average food inflation rate also fell to 20.29% for the twelve months ending January 2026, compared with the 38.47% recorded in January 2025

The “All items less farm produces and energy” or Core inflation, which excludes the prices of volatile agricultural produces and energy, stood at 17.72% in January 2026 on a year-on-year basis, showing a decline of 7.55% when compared to the 25.27% recorded in January 2025. On a month-on-month basis, the Core Inflation rate was -1.69% in January 2026, down by 2.26% compared to December 2025 (0.58%). The average twelve-month annual inflation rate was 22.84% for the twelve months ending January 2026, which was 4.40% points lower than the 27.24% recorded in January 2025

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23 Feb

Weekly Wealth Digest for February 16, 2026

Dear Esteemed Client, click to see our weekly recommendation

Oil prices fell over 1% on Monday as the U.S. and Iran prepared for a third round of nuclear talks, easing fears of an escalating conflict, while President Donald Trump‘s fresh tariff hikes created uncertainty for global growth and fuel demand. Brent crude futures slid 73 cents, or 1%, to $71.03 a barrel by 0849 GMT while U.S. West Texas Intermediate crude futures were at $65.73 a barrel, down 75 cents, or 1.1%………..REUTERS.COM

President Donald Trump said on Saturday he will raise a temporary tariff from 10% to 15% on U.S. imports from all countries, the maximum level allowed under the law, after the U.S. Supreme Court struck down his previous tariff program. The move came less than 24 hours after Trump announced a 10% across-the-board tariff on Friday after the court’s decision. The ruling found the president had exceeded his authority when he imposed an array of higher rates under an economic emergency law……….REUTERS.COM

Nigeria’s headline inflation rate moderated slightly to 15.10% in January 2026, down from 15.15% recorded in December 2025, according to the latest Consumer Price Index report released by the National Bureau of Statistics (NBS). The marginal decline of 0.05 percentage points suggests a continued slowdown in price pressures at the start of the year, following several months of easing inflation. On a year-on-year basis, inflation dropped significantly compared to the same period last year. The January 2026 rate of 15.10% is 12.51 percentage points lower than the 27.61% recorded in January 2025…………NAIRAMETRICS.COM

Below is the summary of our recommendations for the week. For detailed review, kindly click the link to see our recommendations for 23022026.

S/NSTOCKSLAST CLOSE52 WEEK HIGH52 WEEK LOWEPSBVPSP/E RATIOINTRINSIC VALUE UP/DOWN SIDE RECOMMENDATION
1CADBURY70.75  73.90  22.00  5.30  7.22  13.35  88.82 26%BUY 
2SEPLAT9,099.90  9,099.90  4,964.40  240.18  4,584.46  37.89  9,423.39 4%HOLD 
3WAPCO210.00  210.00  65.90  12.90  34.35  16.28  227.76 8%HOLD 
4MTNN780.00  780.00  230.00  35.77  13.96  21.81  974.83 25%BUY 
5STERLINGNG8.10  8.97  4.34  1.57  8.14  5.16  10.38 28%BUY 
6DANGCEM799.90  799.90  425.00  43.82  144.36  18.25  875.50 9%HOLD 
7UCAP19.15  24.40  13.15  1.57  12.77  12.20  25.92 35%BUY 
8NAHCO178.80  178.80  60.00  9.24  13.59  19.35  224.67 26%BUY 
9ZENITHBANK86.50  90.20  43.00  18.60  111.24  4.65  104.56 21%BUY 
10FIDSON86.90  86.90  17.05  3.88  13.41  22.40  92.82 7%HOLD 
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