Inflation in Africa's most populous nation soared to its highest level in 28 years in April 2024, propelled by the reduction of subsidies on energy products and the currency devaluation twice.
Data released yesterday by the National Bureau of Statistics (NBS) showed that Nigeria's inflation reached its highest level since 1996, standing at 33.69% yoy, up from 33.20% in March.
Food and non-alcoholic beverages continued to be the largest contributor to inflation during the past month. The Consumer Price Index for this category hit 40.53% on an annual basis in April, compared to 40.01% in March.
The surge in inflation can be traced back to the reduction of subsidies on energy products and the currency devaluation, both decisions made by the Tinubu administration. To combat inflationary pressures, the Nigerian Central Bank has raised interest rates twice since the beginning of the current year, stating that these rates will remain high for as long as necessary.
In the same vein, on April 30, the government announced an increase in civil servants' salaries from 25% to 35%, retroactive to January. It also relaunched a program of direct social transfers to needy families, and distributed at least 42,000 tonnes of cereals such as corn and millet.
S&P upgrades Zambia to CCC+ as debt talks advance and copper output rebounds. About 94% of $...
Anthropic, Rwanda’s government, and ALX launched Chidi, an AI mentor built on Claude. It wi...
Government, ESCWA, and experts meet to shape national framework Plan aims to fight corruption, c...
Vodacom Tanzania launches M-Pesa Global Payments, enabling seamless international transactions thr...
(MCB) - The Mauritius Commercial Bank Limited (“MCB”) has successfully granted a strategic financing...
Impact funds in Africa manage $70-80B; half operate solely on the continent 124 of 250 identified funds invest exclusively in Africa, FERDI...
Francophone Sub-Saharan Africa hosts 860+ startups but faces deep structural weaknesses EY urges reforms in governance, talent, finance and R&D to...
The government launched FUGAS, a new digital administrative and payroll system, as a strategic reform tool. The initiative forms part of a broader...
Yttrium oxide prices jumped from $6/kg to $220–320/kg after China restricted exports. South Africa prepares to enter medium-term yttrium...
Hidden deep within the Arabuko-Sokoke Forest on Kenya’s coast near Malindi, the ancient city of Gedi stands as one of East Africa’s most intriguing...
Orange Egypt and Qatar’s Qilaa International Group have partnered to develop WTOUR, a digital platform offering trip planning, hotel bookings, local...