In 2023, a formidable coalition comprising the Centre for the Study of the Economies of Africa (CSEA), Cancer Research UK, Development Gateway, and the Federal Ministry of Health embarked on a groundbreaking multistate capacity development workshop on tobacco control to combat the global public health challenge posed by tobacco use. This programme took place in five Nigerian states, including the Federal Capital Territory (FCT): Oyo, Rivers, Enugu, Gombe, and Kano, bringing together stakeholders from diverse backgrounds. Their shared mission? To address the critical issue of tobacco consumption head on. This article delves into the crucial insights and solutions developed as a result of this collaborative endeavour, shining light on its potential to shape Nigeria's overall tobacco control landscape.

According to the NBS latest labour survey, a total of 617,503 individuals were subjected to forced labour in their current job in 2022. This translates to a prevalence rate of 5.2 out of every 1000 individuals. Disaggrageting forced labour by gender, 451,300 were male and 166,203 were female, indicating a higher likelihood of men falling victims of forced labour than women. Age-wise distribution shows 191,418 individuals fall within the 18-29 age group, 317,052 in 30-49 age group, and 99,391 in the age group above 50 years. Urban areas exhibit a higher prevalence rate of 6.0% compared to a 4.7% in the rural area with 270,546 individuals affected in the urban areas and 346,958 in the rural areas.

According to the Nigeria Electricity Report for Q4 2023, revenue collected by the DISCOs during the period was N294.95 billion, an increase from N260.16 billion in Q3 2023. The increment in revenue is associated with two factors – an increase in customers and electricity supply. The number of customers grew by 3.4% to 12.12 million in Q4 2023 from 11.71 million in Q3 2023. Likewise, the electricity supply grew by 12.2% to 6,432. (Gwh) in Q4 2023 from 5,732 (Gwh) in the previous quarter. However, the rate of increase in revenue generation is likely to be hampered by low metering rates. As of Q4 2023, 46% of the 12.12 million customers are metered. Recently, the Nigerian Electricity Regulatory Commission (NERC) approved a new tariff affecting only Band A.

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.