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.

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 Central Bank of Nigeria (CBN) has revealed, in its data on movement on gross foreign reserves, that the country’s foreign reserves, which were $37.1 billion as of January 3, 2023, fell to $33.1 billion by February 8, 2024.This represents a 10.7 per cent decline ($4 billion) in foreign reserves. Consequently, the number of months of imports equivalent declined from 7.6 months in January 2023 to 6.8 months as of February 8, 2024

The International Monetary Fund (IMF) in its World Economic Outlook Update released in January 2024, estimated that Nigeria grew at 2.8 percent in 2023 and reviewed its 2024 economic growth forecast downward by 0.1 percent from 3.1 percent projected in October 2023 to 3.0 percent in 2024. Persistent macroeconomic weaknesses, high levels of public debt, poor infrastructure, political unpredictability, and external shocks like rising global geopolitical tension are some possible causes of this decreased economic growth

Cameroon, a country in Central Africa with a per capita income of around $1,564, has a population of over 28.65 million. At the outset of 2022, Cameroon boasted 10.05 million internet users, representing 36.5 percent of the country's population. By the start of 2023, this figure had surged to 12.89 million, substantially increasing to 45.6 percent of the population. However, with over 37 percent of the population living below the poverty line, low incomes and affordability issues pose barriers to further digital inclusion.