Nigeria’s annual inflation rate climbed for the first time in three months in September, sparked by a spike in gasoline prices and severe floods in food-producing areas.

Consumer prices index (CPI) rose to 32.7% in September from 32.2% in August, the National Bureau of Statistics (NBS) said in a statement published on its website on Tuesday, October 15.

This is the first increase in three months after the country’s inflation rate declined twice in 2024.

The Bureau said: “In September 2024, the Headline inflation rate was 32.70% relative to the August 2024 headline inflation rate of 32.15%. Looking at the movement, the September 2024 Headline inflation rate showed an increase of 0.55% compared to the August 2024 Headline inflation rate.

“On a year-on-year basis, the Headline inflation rate was 5.98% points higher compared to the rate recorded in September 2023 (26.72%).

“This shows that the Headline inflation rate (year-on-year basis) increased in September 2024 when compared to the same month in the preceding year (i.e., September 2023).

“Furthermore, on a month-on-month basis, the Headline inflation rate in September 2024 was 2.52%, which was 0.30% higher than the rate recorded in August 2024 (2.22%).

“This means that in September 2024, the rate of increase in the average price level is higher than the rate of increase in the average price level in August 2024.”

The NBS further said: “The Food inflation rate in September 2024 was 37.77% on a year-on-year basis, 7.13% points higher than the rate recorded in September 2023 (30.64%).

“The rise in Food inflation on a year-on-year basis was caused by increases in prices of the following items: Guinea Corn, Rice, Maize, Grains, Beans, etc (Bread and Cereals Class), Yam, Water Yam, Cassava Tuber, etc (Potatoes, Yam & Other Tubers Class), Beer (Local and Foreign) (Tobacco Class), Lipton, Milo, Bournvita, etc (Coffee, Tea & Cocoa Class) and Vegetable Oil, Palm Oil, etc (Oil & Fats Class).

“On a month-on-month basis, the Food inflation rate in September 2024 was 2.64% which shows a 0.27% increase compared to the rate recorded in August 2024 (2.37%).

“The rise can be attributed to the rate of increase in the average prices of Beer (Local and Foreign) (Tobacco Class), Vegetable Oil, Groundnut Oil, Palm Oil, etc (Oil & Fats Class), Beef, Gizzard, Dried Beef, etc (Meat Class), Lipton, Milo, Bournvita, etc (Coffee, Tea & Cocoa Class) and Milk, Egg etc (Milk, cheese, and Eggs Class).

“The average annual rate of Food inflation for the twelve months ending September 2024 over the previous twelve-month average was 37.53%, which was an 11.88% points increase from the average annual rate of change recorded in September 2023 (25.65%).”

IHS Nigeria, part of the IHS Holding Limited  (“IHS Towers”) group, one of the largest independent owners, operators, and developers of shared communications infrastructure in the world by tower count, is sponsoring an Art Hackathon as part of activities leading up to the commissioning of the Ilorin Innovation Hub.

The Art Hackathon is a celebration of creativity and innovation among young enterprising Nigerians. Artists from Kwara State and across Nigeria are invited to submit works that resonate with the themes of innovation, creativity and local community development, and display high technical proficiency.

Selected artists will receive a cash prize of ₦500,000 for each work chosen and have their artwork displayed in the Ilorin Innovation Hub, providing an opportunity to leave their own legacy at the hub.

For eligibility requirements and further information, follow this link to register and send in your entry by November 14, 2024.

The Ilorin Innovation Hub, a state-of-the-art 3,000ft2 facility, is an initiative of the Kwara State Government developed in partnership with IHS Nigeria. The hub will run programs that seek to foster technological advancement, entrepreneurship, and overall economic growth across the region, and Nigeria in general.

The hub aims to provide a conducive environment for startups, tech enthusiasts, and innovators to collaborate, develop new ideas, and help bring their projects to fruition.

Key features and services to be offered at the Ilorin Innovation Hub will include co-working spaces, incubation and acceleration programs, as well as workshops and training on technology and entrepreneurship.

It will also provide a networking platform for players in the tech and venture capital ecosystem, while helping tech startups access investors and opportunities for funding.

Kazeem Oladepo, SVP and Chief Operating Officer, IHS Nigeria, commented, “Art and technology define and continue to reshape the world we live in.

Today, the rapid expansion of digital technology is changing the art world in new ways, and vice versa, through the advent of innovative digital tools. It is this unique relationship between creativity and science that influenced our decision to include an Art Hackathon leading up to the opening of the Ilorin Innovation Hub.

We are proud to work with the Kwara State Government on this initiative, which also aligns with our ambition of promoting local talent and creating opportunities for young people in the region. I look forward to the various expressions of creativity that this event will showcase.”

In a significant move aimed at fostering the development of a digitally savvy generation, the National Information Technology Development Agency (NITDA) and the Federal Ministry of Education (FME) have partnered to advance the digital literacy curriculum in Nigeria. This collaboration is part of a broader initiative to equip Nigerian students with the necessary skills to thrive in the rapidly evolving digital economy.

The Director General of NITDA Kashifu Inuwa during a media interview at the 68th Meeting of the National Council on Education (NCE), articulated the critical mandate given to the Ministry of Communications, Innovations, and Digital Economy, emphasising the importance of deepening Nigeria’s digital literacy.

He noted that, “There is no way we can achieve the mandate without partnering with the Ministry of Education. This partnership is essential as it aligns with the goals of the Federal Government, which seeks to equip citizens with the necessary skills to thrive in an increasingly digital economy.”

He stated that both entities are united in their commitment to enhancing the nation’s digital journey, recognising that sustainable progress can only be achieved through collaboration, strategic partnerships, and a shared vision for digital transformation.

Inuwa asserted that while technology plays a key role in improving lives, it is ultimately people who enhance technology. He highlighted this fact, stating, “The people component of technology is skills and talent. It is important to upskill Nigeria’s workforce, ensuring that citizens are not only consumers of digital technology but also proficient in creating and utilising these technologies effectively.

Additionally, he mentioned that the digital literacy curriculum aligns seamlessly with the Digital Literacy Pillar which is one of NITDA’s Strategic Roadmap and Action Plan (SRAP 2.0), which aims to achieve a target of 70% digital literacy by 2025 and 95% by 2030. To realise these ambitious target, NITDA has established a framework that emphasises the integration of digital literacy into the formal education system which is known as the Digital Literacy Framework (DLF).

According to the NITDA DG, the digital literacy framework is expected to be embedded within the formal education framework, providing students with essential skills that will prepare them for the demands of the 21st-century workforce.

He assured that, developed curriculum is expected to be reviewed and approved at the Council, marking a significant milestone in the journey toward a digitally literate Nigeria. Hence, Nigeria can cultivate a generation of tech-savvy individuals who can contribute to the country’s digital economy and leverage technology for national development.

While recognising the importance of skills development, Inuwa added that NITDA has also committed to upscaling training processes for citizens. This approach aims to foster digital fluency among the populace, enabling them to navigate and utilize digital tools and services effectively. The Federal Government’s target is clear: to increase citizens’ digital fluency and build a workforce capable of developing Nigeria’s digital offerings.

He also highlighted that the focus on human capital development is vital for positioning Nigeria as a leader in the global digital economy. “By prioritising the training of citizens in digital literacy and related skills, the country can harness the full potential of its human resources.”

To achieve these goals, Inuwa disclosed that NITDA and the Ministry of Communications, Innovations, and Digital Economy are fostering collaborative relationships with various stakeholders, including educational institutions, private sector players, and international partners. These partnerships provide opportunities for knowledge exchange, capacity building, and access to new markets, ultimately enriching Nigeria’s digital ecosystem.

Inuwa’s assertion that “technology makes our lives better, but people also make technology better” reflects a holistic approach to digital transformation. By prioritising the development of skills and talent, Nigeria can ensure that its citizens are not only equipped to use technology but also empowered to innovate and create solutions that address local challenges.

The NITDA Director General affirmed that as Nigeria embarks on this transformative journey, the alignment of NITDA’s initiatives with the goals set forth by the Ministry of Communications, Innovations, and Digital Economy is crucial.