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

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Using data from a dedicated survey conducted by the Centre for the Study of the Economies of Africa (CSEA) and led by the Corporate Accountability and Public Participation Africa (CAPPA) in 2023 on SSB consumption patterns in Nigeria, this report begins by examining SSB consumption trends, revealing noticeable gender and age disparities.

The study suggests that a raise in SSB tax from the current N10 per liter to N130 per liter has the potential to generate substantial revenue and improved public healthcare in Nigeria. Specifically, the simulation shows that the excise tax revenue is projected to increase by about 927% (amounting to 729 billion naira per year), and this can be earmarked for improving Nigeria’s health system.

In terms of its health impact, it also suggests that mean prevalence of obesity would reduce by 0.46% for male and 0.53% for females. While mean prevalence for overweight would reduce by 0.42% for males and 0.37% for females.

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This Report was first published by CAPPA

In its recent CPI and Inflation report, the National Bureau of Statistics (NBS) revealed that Nigeria’s inflation rate increased to 29.90 percent in January 2024, a 0.98 percentage points rise from 28.92 percent recorded in December 2023. On a year-on-year basis, this represents an 8.08 percentage points increase from 21.82 percent in January 2023. Food inflation increased to 35.41 percent from 33.93 percent recorded in December 2023 and 24.32 percent in January 2023. The persistent upward trend in Nigeria’s inflation rate emerges from multiple factors including growth in money supply and higher prices in selected food items driven by the country’s epileptic food supply chain, insecurity, rising transportation costs, and low agricultural productivity. 

Ending Gender-based Violence (GBV) as highlighted within SDG 5, aims to achieve gender equality and inclusion. Specifically, SDG 5.2 seeks to eliminate all forms of violence against all women and girls in the public and private spheres, including trafficking and sexual and other types of exploitation . As a result, SDG 5 acknowledges that inclusion cannot be achieved until GBV is eliminated. In Nigeria, women have historically been the victims of various kinds of violence as a result of a patriarchal society and for them to achieve inclusion in society, we must first ensure that they are safe from violence and sexual assault.

The Central Bank of Nigeria (CBN) has halted quasi-fiscal measures totalling over 10 trillion naira. The finance was issued by the CBN previously as development finance interventions. The cessation of quasi-fiscal measures by the CBN emerges as a response to empirical findings indicating that these measures to assist Micro,Small, And Medium Enterprises (MSMEs) have substantially increased the money supply, consequently contributing to the current inflation rates. Also, the size of the quasi-fiscal functions makes it easy for the CBN to lose sight of its core functions. This is largely because the independence of the CBN is weak and there is strong political pressure to make economic growth its primary function.

This study examines the adoption of education technology (Ed-Tech) in primary and secondary education in 10 sub-Saharan African countries: Nigeria, South Africa, Sierra Leone, Uganda, Kenya, Tanzania, Cameroon, Benin, Malawi, and Senegal. The study assesses development and implementation of Ed-Tech policies and programmes in the region, exploring how far Ed-Tech has advanced learning outcomes, improved access, and reduced education inequalities within and between countries in sub-Saharan Africa.

This paper was published by the Southern Voice. READ MORE