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.

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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

Governments allocate public funds toward social goods and services as an essential component of provision of public goods and economic planning. This is facilitated through public procurement, which is the process through which the government acquires works, goods, and services from the private sector. The estimate among OECD countries shows that public procurement accounts for a 12.9% share of the Gross Domestic Product (GDP) in 2021. In developing countries, public procurement was estimated to be around 30% of the GDP and represented more than 30% of total government spending before the outbreak of the COVID-19 pandemic. In 2016, the annual expenditure on procurement in Nigeria was estimated to range from 10% to 25% of GDP.

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This brief was first published by Brookings

Highlights

1) Mobilising diverse climate finance resources and investments to support Africa’s energy transition will address the continent’s energy access challenges.
2) Sustainable governance is critical to driving climate policy initiatives and projects, which cost approximately $2.8 trillion from 2020 to 2030. Furthermore, there is a $200-$400 billion climate funding gap in Africa from feasible debt swaps with the continent losing up to 15 per cent of its GDP per capita annually to climate change.
3) Infrastructure governance can drive innovation and climate action, potentially unlocking significant climate finance and investments for Africa’s energy transition.
4)  A set of crucial policy considerations for unlocking finance climate goals sustainably. A series of vital policy considerations, including the establishment of robust legal regulatory frameworks, are essential for achieving climate goals and unlocking sustainable finance.

Authors: Oluseyi Aladesanmi, Evelyn Dan Epelle, Priscilla Airohi-Alikor

Artificial Intelligence (AI) is transforming industries, governance, and societies, offering immense benefits in efficiency and economic growth. Although AI continues to impact various sectors globally by driving innovation, it also raises complex regulatory challenges. The rapid advancement of AI raises significant ethical, social, and economic risks, including data privacy violations, job displacement, and bias in decision-making. Thus, there is an urgent need for effective AI regulation as governments and international bodies grapple with balancing innovation with safeguards to protect individuals and society.

Authors: Uche Anyamele Ph.D, Tikristini Olawale and Onyinye Onuh

In October 2024, the inflation rate (CPI) rose to 33.80%, up from 32.70% recorded in September 2024, marking a 1.18 percentage point increase from the previous month. This increase also extended to food inflation, which saw a rise reaching 39.16% from 37.77% recorded in September, indicating a 1.39 percentage point increase. Urban inflation also saw a rise, climbing to 36.38%, while rural inflation rose to 31.59%, representing month-on-month increases of 1.24 and 1.10 percentage points, respectively. Notably, the country's foreign reserves aslo saw a monthly average rise of 1.20%, reaching a total of $40.26 billion.