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Nigeria’s Inflation Rate Rises to 32.7 Percent – NBS

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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%).”


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Igniteher BootCamp: A Pathway to Women Empowerment and Economic Growth

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The IgniteHer Bootcamp, a flagship initiative by the National Information Technology Development Agency (NITDA) in collaboration with the Japan International Cooperation Agency (JICA), concluded successfully on Friday, March 7, 2025.

Over the course of five impactful days, the program empowered 90 female entrepreneurs with essential knowledge, skills, and networks to build and scale successful businesses. Through expert-led sessions and hands-on learning, participants gained practical insights into business development, financial management, and digital transformation.

The IgniteHer Bootcamp was specifically designed to foster digital literacy, market opportunities, and the use of technology while addressing systemic barriers limiting women’s participation in entrepreneurship.

It aimed to bridge the gender gap in business and technology, equip women with critical business knowledge in financial management, business planning, and sustainability, provide access to mentorship opportunities and industry experts to support business growth. Each day of the bootcamp delivered high-impact value, ensuring participants left with actionable strategies to strengthen their entrepreneurial journey.

The first day focused on understanding gender disparity in business. Participants explored systemic barriers limiting women in entrepreneurship, including funding gaps and societal biases, while gaining strategies to overcome these challenges.

The second day delved into the fundamentals of a business plan, break-even business analysis, and the Lean Business Model Canvas, along with a practical session on setting SMART goals, enabling participants to develop structured business plans.

On the third day, the focus was on digital literacy, the use of cloud storage, online communication, internet safety, and human resource and financial management. In addition, there were practical sessions on the use of digital tools for content creation, bookkeeping, and business management.

The fourth day explored digital transformation and business growth, where entrepreneurs learned how to leverage technology and artificial intelligence to scale their businesses, covering digital branding, digital marketing, and essential digital tools for operational efficiency.

The final day featured a panel discussion with industry experts—a business hub manager, an entrepreneur, and a venture capitalist—moderated by an ecosystem accelerator who shared insights on business growth, funding opportunities, and overcoming challenges in entrepreneurship.

The session concluded with an open discussion, allowing participants to reflect on their learning and plan their next steps. The bootcamp was highly interactive, with participants engaging in discussions, practical exercises, and real-world case studies.

Many participants shared their key learnings on LinkedIn and other platforms, demonstrating the program’s lasting impact.

One participant, Imaobong Edukere, shared her experience, stating: “The IgniteHer Bootcamp has been an incredibly transformative experience for me.

It’s my first time being in a strong network of like-minded women entrepreneurs and drinking from their knowledge… I now feel more prepared to implement what I’ve learned and make a lasting impact in society.

Thank you, NITDA and JICA, for this valuable growth, timely support, and once-in-a-lifetime opportunity—I have just been IGNITED!” Another participant, Hadiza Isah Mohammed, wrote: “Hello, good morning everyone. This is one of the most inspirational bootcamps I’ve ever attended. I was at the point of dropping my dreams because everything seemed not to work, but I’ve been ignited and ready to continue my journey. Kudos to the organizers.”

The initiative fostered a strong network of women entrepreneurs, promoting mentorship and long-term collaboration. The session ended with a vote of thanks from the Special Assistant to the Director General of NITDA, stressing the open opportunity for a tour to Japan for select businesses and startups who will have the opportunity to participate in a startup event in Japan scheduled for August 2025.

This event provides a unique opportunity to network and partner with Japanese companies. Participants have been provided a link to apply their learnings and submit a pitch deck or business plan on their respective and prospective companies. Indeed, NITDA is ready to handhold these businesses to make an impact in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda on economic growth.

With overwhelmingly positive feedback, the IgniteHer Bootcamp stands as a transformative program, driving progress in bridging the gender gap in business and empowering women to thrive in the digital economy.


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Intelsat, MaxIQ Space Expand STEM Learning to Educators in Multiple African Countries

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Intelsat operator of one of the world’s largest integrated satellite and terrestrial networks and educational resource provider MaxIQ Space, are expanding efforts to deliver Intelsat’s Africa Space STEM (Science Technology Engineering and Math) Program to schools in four different countries across Africa.

The program, now in its fifth year, aims to increase to a total of 12 schools and expand to include in-person learning for students in Kenya, Nigeria, South Africa and Senegal.

Participants will receive in-person, in-community learning with subject matter experts on Space STEM curriculum mixed with innovative STEM kits, hands-on training, and exclusive resources to integrate space science, sustainability and IoT education into their classrooms.

The newly adapted 2025 program is focused on empowering schools and educators to build a lasting impact on African education systems, ensuring thousands of students gain the skills and inspiration needed to thrive in STEM careers. STEM skills build a future-ready workforce, advancing national development goals and boost technological capabilities.

“As a pioneer in satellite technology, Intelsat remains committed to maximizing its contribution by inspiring the next generation and connecting African students to real-world applications of space technology,” said Rhys Morgan, RVP of the EMEA region for Intelsat.

“With Africa emerging as a key frontier for space infrastructure, it is essential to equip future leaders with the knowledge and skills to drive this transformation. We are honored to play a role in preparing the young generation for this future,” said Judi Sandrock, program manager at MaxIQ Space.

Schools and teachers in the four participating countries are invited to apply now for this fully funded opportunity to bring real-world space education into their classrooms. The deadline for applying is March 31st, 2025.

 

 


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Konga Health Set to Revolutionize Skincare Awareness Among Students

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Konga Health, Nigeria’s leading technology-enabled distributor of quality health and beauty products, is set to engage students across tertiary institutions in a series of skincare consultations, product sampling, and expert-led tutorials to promote skincare education and wellness.

 

This initiative, which kicks off in March 2025, aims to empower young adults with the knowledge and tools to make informed skincare choices while fostering a culture of self-care and confidence.

The campaign will commence with Lagos State University (LASU) on Thursday, March 13, 2025, followed by Yaba College of Technology (YABATECH) on Friday, March 14, 2025.

Other institutions slated to benefit from this initiative include the University of Lagos (UNILAG), Lagos State University Teaching Hospital (LASUTH), and Lagos University Teaching Hospital (LUTH). Specific dates for these institutions will be announced via Konga Health’s social media handles, ensuring students stay informed and prepared to participate.

At the heart of this initiative are panel discussions featuring renowned dermatologists and influential skincare advocates. These sessions will provide students with invaluable insights into skincare best practices, common misconceptions, and the science behind maintaining healthy skin. Attendees will also have the opportunity to engage directly with experts, ask questions, and receive personalized advice tailored to their unique skin types and concerns.

In addition to the educational component, Konga Health, a business that boasts an exclusive partnership with L’Oréal, the world’s largest cosmetics brand, will offer free product sampling, allowing students to experience high-quality skincare products firsthand.

This hands-on approach not only enhances learning but also helps participants identify products that work best for their skin. To further sweeten the deal, there will be exciting giveaways of beauty products, giving students the chance to take home premium skincare items.

According to an insider at Konga, this initiative is part of the company’s broader commitment to promoting health and wellness among Nigerians. By targeting students, Konga Health aims to instill lifelong skincare habits early, ensuring that young adults are equipped to prioritize their skin health as they navigate the challenges of academic life and beyond.

This innovative campaign underscores Konga’s dedication to leveraging its platform for impactful, community-driven initiatives. As the program rolls out across campuses, it promises to be a transformative experience for students, blending education, engagement, and empowerment in a way only Konga can deliver.

 


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