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Nigeria’s inflation rate rises to 33.88% in October 2024
Nigeria’s inflation rate surged to 33.88% in October 2024, driven by rising food and transportation costs, with experts forecasting further increases.
Nigeria’s inflation rate has surged to 33.88% in October 2024, up from 32.70% in September, according to the latest Consumer Price Index report released by the National Bureau of Statistics (NBS) on Friday.
This marks a month-on-month increase of 1.18 percentage points, continuing the upward trend in the country’s inflationary pressures.
Also read: Nigeria’s inflation rate drops to 32.15% in August 2024
On a year-on-year basis, the inflation rate in October 2024 is 6.55 percentage points higher than the 27.33% recorded in the same month of 2023.
The report indicates that the increase in the average price level in October outpaced that of September, reflecting broader economic challenges.
Food inflation, which has been a significant driver of the overall inflation rate, also saw an uptick. In October 2024, the food inflation rate rose by 0.30 percentage points to 2.94% compared to 2.64% in September.
This increase is attributed to the rising costs of essential food items such as palm oil, vegetable oil, fresh fish, and various meats, including dried beef and goat meat. Additionally, staple foods like rice, plantain flour, and bread also experienced price hikes.
The annual average food inflation rate for the twelve months ending in October 2024 was 38.12%, a notable 11.79 percentage point increase from the previous year, when the rate stood at 26.33%.
The rise in inflation has been primarily driven by a combination of factors, including the removal of fuel subsidies, which led to higher fuel and transportation costs, as well as the ongoing depreciation of the naira.
The agricultural sector has also been significantly impacted by insecurity and flooding, further escalating food prices across the country.
Earlier in the year, Nigeria’s inflation rate peaked at 34.19% in June, its highest in nearly 30 years, before slightly easing due to seasonal harvests.
However, inflation began to climb again in September, with energy prices, including the cost of petrol, contributing to the latest surge. Analysts are forecasting that inflation could exceed 35% by December 2024 if the current trends persist.
With food prices continuing to rise and the broader economic pressures remaining in place, Nigeria’s inflation challenges are expected to persist in the coming months.
The Onion Producers, Processors, and Marketers Association of Nigeria explains the factors behind the rising cost and scarcity of onions in the country, citing flooding, climate change, and storage challenges.
The National President of the Onion Producers, Processors, and Marketers Association of Nigeria (OPPMAN), Mr Aliyu Isah, has explained the reasons for the recent surge in onion prices and the scarcity of the produce in the country.
In an interview with the News Agency of Nigeria (NAN), Isah attributed the price hike to several factors, which have significantly impacted the production and availability of onions across Nigeria.
According to Isah, from the fourth quarter of 2024, onion prices escalated dramatically, with a bag now selling for between N250,000 and N270,000, compared to N70,000 to N90,000 per bag in earlier months.
The price of a medium-sized bulb has also increased, now selling for N500, up from N50 per bulb.
Isah outlined key reasons behind the price increase, primarily highlighting the devastating effects of flooding in the northern states.
“The flooding of 2024 that ravaged all our onion farms, from Sokoto, Kebbi, Zamfara, Kano, Kaduna, Katsina, and up to Adamawa states, led to a severe shortage,” he said.
Additionally, the release of water from dams, such as the Goroyo Dam in Sokoto, exacerbated the situation, damaging onion beds and farmland across the region.
He also mentioned the breakage of dams in Borno State, which destroyed additional onion farmlands, further compounding the supply issue.
Another major factor, according to Isah, was the extended rainfall and high humidity levels in northern Nigeria during 2024, which led to a disease outbreak known as Downy Mildew.
“This disease destroyed most of our onion farms at various stages of cultivation, from seedlings to harvest,” Isah explained.
The shortage of quality onion seedlings has also contributed to the rising prices. The flooding and climate change impacts disrupted local onion seed production, forcing farmers to rely on imported hybrid seeds. Unfortunately, some of these seeds were found to be adulterated, leading to further losses.
Post-harvest losses due to inadequate storage facilities also play a significant role in the price surge. Isah noted that more than 50% of the harvest is lost after production due to the lack of advanced storage technology, making it difficult to preserve onions after harvest.
Despite these challenges, Isah assured that the association is working with the Federal Government to find solutions to boost onion production and address the ongoing price surge.
Finnish police arrest Nigerian separatist leader Simon Ekpa and four others on terrorism-related charges, sparking international attention.
The Finnish Central Criminal Police have confirmed the arrest of Simon Ekpa, a Nigerian separatist leader and self-proclaimed Prime Minister of the Biafra Republic Government In-Exile. Ekpa, along with four others, was detained on charges linked to terrorism.
According to the Päijät-Häme District Court, Ekpa was remanded in custody on suspicion of public incitement to commit a crime with terrorist intent.
Also read: Fans React As Actor Kanayo O Kanayo Shares Nigerian, Biafran Currencies
The Finnish police stated that the four other suspects were arrested for financing terrorist activities.
A statement released by the Finnish authorities described Ekpa as “a Finnish citizen of Nigerian background, born in the 1980s.”
It elaborated on the allegations, noting, “The police suspect that the man has promoted his efforts from Finland by means that have led to violence against civilians and authorities as well as other crimes in the region of South-Eastern Nigeria.”
Ekpa’s activities have long been a source of controversy. He is alleged to have spearheaded actions that resulted in violence, destruction, and loss of life in Nigeria’s South-East region.
Finnish authorities also confirmed that all five suspects were arrested earlier this week.
This development follows reports of escalating violence attributed to Ekpa’s influence, including attacks on public transport and property in Nigeria.
In the past, Ekpa has openly supported the Biafran Liberation Army and declared measures such as curfews that have disrupted life in the South-East.
The arrest has garnered significant international attention, spotlighting the intersection of diaspora activism, terrorism concerns, and international law enforcement cooperation. Finnish authorities are continuing their investigations into the matter.
Nigerian rapper Falz reveals his admiration for women’s fashion, particularly short dresses and miniskirts, in a candid podcast interview.
Nigerian rapper and actor Folarin Falana, popularly known as Falz, has revealed his fondness for women’s fashion, particularly short dresses and miniskirts.
In a recent appearance on Madame Joyce’s podcast, the multi-talented artist shared his perspective on what makes the style appealing.
Also read: Falz discusses failed threesome attempts and seeks professional advice
“I have a thing for short skirts and short dresses. They bring out the sexiness in a woman. I so much like miniskirts,” Falz remarked during the candid discussion.
This revelation adds a personal touch to the rapper’s public persona, highlighting his lighthearted and relatable nature. Fans are likely to see his comments as a playful insight into his personality rather than a strict preference.
Falz, known for blending wit and social commentary in his music, often uses his platform to engage with fans on a variety of topics.
His recent comments about fashion have sparked lighthearted conversations online, as admirers and followers share their thoughts on his style opinions.
The rapper continues to capture the attention of audiences not just for his artistic talents but also for his openness and charismatic charm.
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