According to the National Bureau of Statistics (NBS) recent Transport Fares report, the average fare paid by commuters for bus travel within the city has decreased from N963.58 in June to N942.61 in July 2024, representing a 2.18% decrease MoM. However, year-on-year, it has declined by 29.46% from N1,336.29 in July 2023. Similarly, the average fare paid by commuters for intercity bus travel per drop rose to N7,117.17 in July from N7,029.23 in June 2024, representing a 0.35% increase. However, compared to July 2023, this fare has increased by 20.23%, from N5,919.19. Air transport fares have risen to N98,561.74 in July 2024, representing a 9.65% increase month on month. The average fare for motorbike (Okada) transportation increased by 1.22% to N483.49 in July 2024, from N477.49 in June 2024. On a year-over-year basis, this is down by 25.20% from N646.12 recorded in July 2023

The Purchasing Managers' Index (PMI) survey report of the Central Bank of Nigeria (CBN) has revealed that the composite PMI stood at 49.7 in July 2024, an improvement from 48.8 recorded in June 2024. The PMI measures a country's economic activity direction and extent. An index below 50.0 points indicates a contraction in business operations, while an index over 50.0 points indicates a growth in business activities. A 50.0 index denotes no change in the circumstances. The PMI value for July, which is below the critical threshold of 50.0, is the thirteenth consecutive contraction recorded by the CBN and signifies that business operations are still contracting, though at a slower pace compared to June. A sectoral disaggregation of the PMI shows that industry and agriculture recorded contractions of 48.3 and 49.7 respectively, while services recorded 50.3

The Nigeria Customs Service, in its monthly bulletin, reveals that, the Apapa Area command recorded a revenue collection of N1.023 trillion for the first half of 2024. This represents an increase of over 14% compared to the revenue collected in 2023. The increment might be linked with currency depreciation. The additional revenue comes at a crucial time for Nigeria's economy. Despite this positive development, the Nigeria Customs Service must strike a balance between revenue generation and trade facilitation. This is important because an excessive focus on revenue generation might incentivise behaviours that seek to maximise revenue while neglecting trade facilitation activities

According to the Liquified Petroleum Gas (LPG)/Cooking Gas Price Watch of the National Bureau of Statistics (NBS), the average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas (Cooking Gas) fell by 6.10% month-on-month from N7,418.45 in May 2024 to N6,966.03 in June 2024. However, it rose by 71.23% year-on-year when compared to N4,068.26 in June 2023. Zonal analysis revealed that the South-West region had the highest average retail price for refilling a 5kg cylinder of cooking gas at N7,241.67, followed by the North-Central at N7,096.51, with the North-West having the lowest at N6,660.20. At the state level, Osun recorded the highest average price at N7,800.00, followed by Edo at N7,750.00 and Ebonyi at N7,590.79. Conversely, Yobe had the lowest price at N6,062.50, with Jigawa at N6,144.44 and Anambra at N6,338.75. The month-on-month decline in prices can be attributed to the ban by the federal government on the export of cooking gas which has increased the volume available in the domestic market. However, the year-on-year increase reflects low production to meet high domestic and foreign demands, and inflationary pressures which arise from multiple factors including high transportation costs, and currency depreciation

According to the Liquified Petroleum Gas (LPG)/Cooking Gas Price Watch of the National Bureau of Statistics (NBS), the average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas (Cooking Gas) fell by 6.10% month-on-month from N7,418.45 in May 2024 to N6,966.03 in June 2024. However, it rose by 71.23% year-on-year when compared to N4,068.26 in June 2023. Zonal analysis revealed that the South-West region had the highest average retail price for refilling a 5kg cylinder of cooking gas at N7,241.67, followed by the North-Central at N7,096.51, with the North-West having the lowest at N6,660.20. At the state level, Osun recorded the highest average price at N7,800.00, followed by Edo at N7,750.00 and Ebonyi at N7,590.79. Conversely, Yobe had the lowest price at N6,062.50, with Jigawa at N6,144.44 and Anambra at N6,338.75. The month-on-month decline in prices can be attributed to the ban by the federal government on the export of cooking gas which has increased the volume available in the domestic market

In July 2024, the inflation rate (CPI) dropped to 33.40%, down from 34.19% in June 2024, marking a 0.8 percentage point decrease from the previous month. This decline also extended to food inflation, which fell to 39.53% from 40.87% recorded in June, indicating a 1.34 percentage point reduction. Urban inflation also saw a decrease, dropping to 35.77%, while rural inflation fell to 31.26%, representing month-on-month decreases of 0.87 and 1.83 percentage points, respectively. These trends highlight a broad-based easing of the inflationary pressures across the country’s different sectors and regions, providing a glimmer of relief after an extended period of rising prices.

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) decided during its 296th meeting to raise the Monetary Policy Rate (MPR) to 26.75%. This represents a 50 basis points increase from 26.25% in May 2024. This increment in MPR reflects the central bank's attempts to control inflation and stabilise the exchange rate through monetary tightening measures. With this new decision, the CBN has increased the MPR by 800 basis points since January 2024. In January, before the hike, the rate was 18.75%. The committee also resolved to keep the liquidity ratio at 30% and the Cash Reserve Ratio (CRR) for merchant and deposit money banks at 14% and 45%, respectively. Despite these steps to control inflation, the Consumer Price Index (CPI) for June 2024 increased to 34.19% indicating that Nigeria's pricing levels are interest insensitive. This suggests that supply-side factors such as insecurity, high cost of energy, and currency depreciation are more responsible for Nigeria's rising inflation rates. Therefore, the CBN, in collaboration with the fiscal side of the government, should prioritise fixing these underlying structural challenges as the MPR has not effectively controlled inflation. Continuous increments in the MPR could have a detrimental effect on the economy through high borrowing costs

Youth unemployment in Africa is becoming increasingly worrisome. The International Labour Organisation (2023) estimates that over 72 million young people in Africa do not attend school, work, or receive any type of employment training. To achieve the Sustainable Development Goal 8 of providing decent work for all by 2030, African countries must develop measures to address youth unemployment and gender inequality. Many young people struggle with lack of decent jobs, widespread informal employment, therefore limiting their opportunities for economic stability and growth. Africa has the world’s largest youth population , with over 400 million young people between the ages of 15 and 35. This presents significant prospects to drive economic growth, create jobs, and increase productivity.

In June 2024, according to OPEC, Nigeria's oil production increased by 25,000 barrels per day (bpd), bringing the total output to 1.276 million bpd. This follows an earlier decrease in May 2024, when oil production fell by 30,000 bpd to 1.251 million bpd. Despite these gains, Nigeria's oil production remains below OPEC's 2024 quota of 1.38 million bpd and the Nigerian government's 2024 budget benchmark of 1.78 million bpd for the year. This suggests Nigeria is still not producing enough oil to meet its budgetary expectations. Ongoing issues such as crude oil theft, oil bunkering, illegal refining, and operational disruptions continue to hinder the country’s full production potential. The government must implement strict measures against oil bunkering and production disruptions to address these challenges and enhance production sustainability. Additionally, the government should encourage private participation in the oil sector, especially in oil infrastructure, to increase the refining capacity in the country and ensure transparency and efficiency in the sector. Efforts to increase oil production will bolster government fiscal space, which in turn, will enable the government to invest in infrastructure that would unlock new industries, thereby, reducing future dependence on oil for revenue and exchange earnings