According to the latest consumer price index (CPI) and inflation report by the National Bureau of Statistics
(NBS), Nigeria’s headline inflation has surged to 33.69%. This reflects a 0.49% points increase from the
previous month's rate of 33.20% and an 11.47% points increase compared to the 22.22% recorded in April 2023. The urban and rural inflation rate rose to 36% and 31.64% respectively. Additionally, food inflation
soared to 40.53%, representing a 15.92% points increase from 24.61% recorded in April 2023.

Africa’s largest economy has found itself in an increasingly vulnerable financial position due to several shocks in the past decade. It relied on private creditors to compensate for revenue shortfalls in 2016 and 2017 after the collapse of commodity prices. The COVID-19 pandemic induced more borrowing, this time from multilateral sources. These events have led to the highest external debt levels in Nigeria since 2004.

Increased debt levels clogged financing for key SDG outcomes relating to social welfare sectors more broadly and gender equality and the environment in particular. This paper explored the need for, viability of, and impacts of debt swaps in Nigeria. It focused on two sources of debt that are mostly likely to be involved in a debt swap: Paris Club ODA debt and underperforming private sector debt. These two sources together comprise a sum of more than $3.7 billion whose exchange could free up resources to fund development priorities for facilitators of the debt swap. If the entirety of the eligible debt were to be swapped, it would create an average of nearly $300 million of budgetary resources (per year) for the next six years. Beyond funding development projects, remaining funds could decrease the debt burden, provided they do not beget additional borrowing. The paper also traced the experiences of five countries participating in debt-for-nature swaps.

This Paper was first published by RED SUR as part of the Working Paper of the Project “Promoting a pandemic recovery: evidence to support managing the growing debt crisis” (IDRC - Red Sur N° 109742-001)

According to the most recent Cadre Harmonise (CH) report released by the International Rescue
Committee (IRC), in collaboration with other international organizations, 16% of Nigerians (approximately 31.8 million persons) are expected to face severe food crisis between June – August 2024. The Cadre Harmonisé (CH) analysis is a tool used to assess food security and nutrition situations in the Sahel and
West Africa region.

The continuous increase in food inflation now at 40.2% has further worsened the welfare of Nigerians, as food becomes more expensive. The latest Selected Food Prices Watch for March 2024 by the National Bureau of Statistics (NBS) showed that the average price of 1kg of locally produced rice stood at N1340.74. This represents an increase of about 152.93% YoY from N530.08 recorded in March 2023 and a 9.63% increase MoM. The report also highlighted that the average price of 1kg of beef boneless increased by 73.78% YoY from N2479.61 to N4309.16 and 17.91% MoM; Beans brown also increased by 106.78% YoY from N596.96 in March 2023 to N1234.40 in March 2024 and 4.79% MoM.

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

The Central Bank of Nigeria (CBN), in a recent letter, has announced the reduction of the Loan-to-Deposit Ratio (LDR) of commercial banks from 75 percent to 50 percent, indicating a decline of 15 percentage points. The LDR, a tool used by the CBN to influence the lending behaviour of commercial banks, is the ratio of a bank’s total loans to its total deposits. A low LDR means banks will lend out smaller portions of its deposits, and vice versa. The central bank’s move to reduce the value of LDR is part of its approach to maintain monetary tightening in the economy.

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.