The National Bureau of Statistics' report showed that in the third quarter of 2024, Gross Domestic Product (GDP) grew by 3.46%, representing a 0.92 percentage point rise from the 2.54% recorded in Q3 2023. The non-oil sector, the largest contributor to GDP, grew by 3.37% in Q3 2024. Growth in the non-oil sector was driven by financial institutions, information and communication technology, agriculture, and trade, among other sectors.

In Africa, the digital economy, which refers to all economic activities facilitated by digital technologies and big data, is booming. This is a result of digital technology’s capability to transform economies and societies, influencing how we work, live, and interact. Africa’s digital economy is a boost to the continent’s economy. International Finance Corporation (2020) reveals that Africa’s digital economy grew from $100 billion to $115 billion, representing a 15% increase between 2019 and 2020. It further projects that Africa’s digital economy has the potential to contribute $180 billion and $712 billion to the continent’s gross domestic product (GDP) by 2025 and 2050, respectively.

The role of data, in the public and private sectors, is central to informing strategy, shaping decision and policy-making, creating value, driving innovation, sustaining profit-making and promoting economic development.

This Brief was written by Kunle Balogun

The National Bureau of Statistics' Liquefied Petroleum Gas (LPG)/Cooking Gas Price Watch for October 2024 showed a 3.2% month-on-month increase in the average cost of refilling a 5 kg cylinder, from N6,699 in September to N6,915 in October. Similarly, the average retail price of refilling a 12.5 kg LPG cylinder rose by 2.58%, from N16,313 in September 2024 to N16,743.55 in October 2024. According to state-level analysis, Borno state recorded the highest petrol prices at N7,939, followed by Yobe state at N7,580, and Benue state at N7,578, while Katsina state had the lowest prices at N6,270, followed by Zamfara state at N6,410, and Delta state at N6,427. The month-on-month increase in petrol prices can be ascribed to global market fluctuations and supply chain interruptions, which have increased the cost of importing LPG. This increase in cooking gas costs has a detrimental impact on household welfare nationwide, particularly for low- and middle-income families that spend a significant portion of their income on cooking fuel. 

According to the National Bureau of Statistics (NBS) Premium Motor Spirit (Petrol) Price Watch report, the average price of Premium Motor Spirit (petrol) rose by 14.98% in October to N1,184.83, from N1,030.46 in September, this reflects an 87.88% increase from N630.63 in October 2023. Across the six zones, the South-East recorded the highest average retail price at N1,256.76, while the North Central zone had the lowest price at N1,132.94. Among states, Ebonyi had the highest retail price at N1,292.86, followed by Jigawa at N1,288.18 and Borno at N1,283.79. In contrast, Delta had the lowest petrol prices at N1,050.00, followed by Nasarawa at N1,063.68, and Lagos at N1,080.95. The government's policy to establish market-based pricing and the withdrawal of subsidies in May 2023 has contributed to the ongoing rise in fuel costs. The high cost of petrol has contributed to the high cost of living by increasing transportation costs, and operational expenses for businesses. This has disproportionately affected small and medium-sized enterprises (SMEs) which lack the resources to absorb these costs, resulting in lower profitability and layoffs. Given the consequences of rising PMS prices, the government needs to provide targeted support for low-income households, encourage private sector investment in refineries, rehabilitate existing refineries to meet domestic gasoline demand, and possibly cut costs.

Public procurement is an important component of governance, as it comprises purchases by a government to ensure quality and efficient public service delivery. The public procurement process requires technical competence in various areas, including financial, legal, administrative, sector-specific knowledge, and an understanding of local and global supply chains from where the public goods and services will be sourced. In this regard, the human resource system and skill development programs, often referred to as human development, are part of extensive public procurement reforms. Appiah (2011) argued that the effective application of procurement regulations requires a well-trained workforce, and human resource development initiatives must be periodic and consistent, given the constant evolution in the budgeting system or political and economic environments.

Read more via  Brookings

Public procurement governs the state’s acquisition of goods and services needed to fulfill its public functions through private transactions with commercial suppliers. The training presumes that participants have a basic understanding of the public procurement system, but also includes a module that is an introduction to public procurement in Nigeria.

The training covers four modules:

1) An introduction to public procurement
2)Transparency in public procurement
3)Gender-responsive procurement
4)Behavioral insights for public procurement.

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Authors: Sope Williams and Adedeji Adeniran

According to the Central Bank of Nigeria's (CBN) international payment data, remittances in the first nine months of 2024, amounted to $1.54 billion, a 16.7% decline from $1.85 billion recorded in the same period in 2023. Remittances refert to amounts sent by individuals working abroad to support their families and loved ones in their home country. The decline in remittances may be attributed to several factors, including a weak global economy, and a weak domestic currency. Over the last decade, remittance inflows played an important role in the Nigerian economy. Remittances help households with members in a foreign country to meet basic expenses such as education and healthcare. It is also an important source of foreign currencies and contributes to the country’s foreign exchange reserves. Beyond substistence purposes, remittances are also channels into productive investments, in turn, bolstering economic growth. While the government might have limited influence on the global economy, government policies aimed at improving the domestic business environments could help reverse the declining trend of remittances. 

According to the National Bureau of Statistics data, the cost of a healthy diet (CoHD) for September 2024 was N1,346 per adult per day, a 7.3% increase from N1,255 in August. The CoHD represents the most affordable mix of locally available foods that satisfy global dietary guidelines. It estimates that an adult would need to spend about N1,346 daily to maintain a nutritious diet. The increase indicates growing concerns about affordability as Nigerians face rising cost challenges while trying to maintain their dietary requirements amid inflationary pressures. Regional analysis revealed the South-West had the highest CoHD at N1,598 while the North-West had the lowest at N1,144. At the State level, Osun had the most expensive CoHD at N1,661, while Katsina had the least expensive CoHD at N1,043. The cost of a nutritious diet has increased more rapidly since July 2023, signalling pressure on items included in a healthy diet. The main factors contributing to the increase in CoHD are legumes, nuts, seeds, starchy staples, and animal-source foods, alongside issues in the supply chain, the cost of food production, and rising demand for nutritious food. Monitoring CoHD offers insights into inflation dynamics specific to essential food as high CoHD could guide interventions in nutrition. For example, improving supply chains for costly food groups or boosting agricultural production could reduce costs. These data-driven strategies could enhance food security and support access, especially in high-cost regions or food categories.

According to the National Bureau of Statistics' recent Transport Fare Watch report, the average fare paid by commuters for bus journeys within cities per drop increased by 3.45% month-on-month (MoM), from N869 in August to ₦899 in September 2024. Similarly, the average fare for intercity bus journeys per drop rose by 0.22% MoM, from ₦7,159 in August 2024 to ₦7,175 in September 2024. On a year-on-year basis, intercity fares increased by 21.26% from ₦5,917 in September 2023. Air travel fares also recorded a 0.8% MoM increase, rising from N123,700 in August to ₦"124,693 in September 2024. The fare for Okada (motorcycle) transport, saw a 1.4% MoM increase, from ₦524 in August 2024 to ₦532 in September 2024.This consistent rise in transport fares is primarily due to the removal of fuel subsidies, which led to higher fuel and energy-related costs. Additionally, rising insecurity on major roads has further contributed to increased transport costs, as drivers often avoid these routes or incur additional expenses for security measures. Rising transport costs could lead to an increase in the price of goods and services transported interstate over long distances. Likewise, rising transport costs would reduce the purchasing power and disposable income of the average Nigerian. To address these challenges, the government should consider stabilizing fuel prices, strengthening public transport infrastructure, and enhancing security measures to protect lives and property on major roads across Nigeria