The latest report on the Cost of a Healthy Diet (CoHD) in Nigeria by the NBS shows that the national average cost of a healthy diet rose to N938 per day in February 2024, representing an increase of N80 from the previous month. The cost of a healthy diet (CoHD) is the most affordable combination of locally available food items that meet the global food dietary guidelines. This implies that a Nigerian would need to spend N938 for a healthy diet.

Data has become the currency of progress and innovation. Yet, Africa finds itself at the crossroads of a data divide, restricting its economic growth and stifling its entrepreneurial spirit. This brief aims to ignite a transformative shift by providing actionable measures to bridge the data divide, empowering African small and medium enterprises (SMEs) to leverage the power of data for growth and prosperity.

In its recent Money and Credit statistics, the Central Bank of Nigeria (CBN) revealed that bank’s credit to the private sector increased month-on-month (MoM) by 5.99 percent from N76.29 trillion in January 2024 to N80.86 trillion in February 2024. Year-on-Year, this represents a N39.11 trillion (93.67 percent) percent increase from N41.75 trillion recorded in February 2023. The data further shows that credit to the government fell by 6.2 percent from N36.17 trillion in January 2024 to N33.92 trillion in February 2024.

Nigeria’s external reserves rose slightly to $34.49 billion on March 21, 2024. The increment could be attributed to multiple factors including inflow of foreign capital and an increase in global oil prices. Given the crucial role of foreign reserves in fulfilling import obligations and stabilizing exchange rates, the government must prioritize initiatives to bolster reserves and prevent depletion. A stronger Naira against the US Dollar hinges on the country's foreign reserve levels. Additionally, diversifying export earnings beyond crude oil sales, the primary source of foreign earnings, is imperative.

The recent Foreign Trade in Goods Statistics released by the National Bureau of Statistics (NBS) shows that Nigeria recorded a trade deficit of N1.41 trillion in the fourth quarter of 2023 (Q4 2023). In the quarter, Nigeria's total trade was ₦26.80 trillion, implying a 38.24 percent increase from the value recorded in the third quarter of 2023 (N19.38 trillion) and a 128.64 percent increase from the value recorded in the corresponding period in 2022 (11.72 trillion). Total exports stood at N12.69 trillion, and imports at N14.10 trillion.

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), in its 293rd meeting held on the 27th of February, raised the Monetary Policy Rate (MPR) by 400 basis points, from 18.75 percent to 22.75 percent. The MPR is the benchmark interest rate set by the CBN for commercial banks to disburse loans to businesses and individuals. The committee also agreed to raise the Cash Reserve Ratio (CRR), the percentage of a commercial bank's deposits that it must keep in reserve, from 32.5 percent to 45 percent.

This snapshot for March 2024 provides trends, and insights on key macroeconomic indicators such as Inflation, foreign reserves, currency in circulation and crude oil prices.

In today's fast-paced world, access to accurate and timely data is crucial for effective governance and decision-making. Policymakers often struggle to access the data they need to make informed decisions and serve the public effectively. The problem lies not in the lack of available data but in its inaccessibility. Unfortunately, many government ministries, departments, and agencies (MDAs) in African countries face challenges when it comes to sharing and integrating data. This lack of data interoperability hampers collaboration, slows down processes, and prevents the delivery of efficient public services.

Nigeria and Ghana have experienced a range of economic shocks over the past two decades, including natural disasters, commodity-price fluctuations, financial crises and global economic downturns. These shocks have significantly impacted the economic stability and growth prospects of both countries, emphasising the importance of developing effective resilience strategies. Nigeria and Ghana have implemented monetary and fiscal measures in response to various crises.

This report was first published by SAIIA. READ MORE HERE

_{Image: Getty, Pius Utomi Ekpei/AFP}