Nigeria's inflation hit 8.7 pct in April as economic growth slows to 3.96 pct in Q1 2015

Nigeria's consumer inflation rose to 8.7 percent year-on-year in April, up 0.2 percentage points from March, marking the highest rate since July 2013.

The national Bureau of statistics stated this in its monthly inflation report. The statistic house said the country’s food inflation edged higher to 9.5 percent year-on-year in April, up 0.1 percentage point from March.

The agency further noted that Nigeria's economy grew by 3.96 percent in the first quarter of 2015, indicating a sharp slowdown from the same period last year due to the fall in oil prices. 

It added that oil production was 2.18 million barrels per day in the first quarter of the year, unchanged from the previous quarter but lower than 2.24 million barrels recorded in first quarter of last year.