The Central Bank of Nigeria (CBN) has announced that the country’s external reserves have climbed to $40.2 billion as of October 18, 2024. This update was provided by Mr. Muhammed Andullahi, Deputy Governor of Economic Policy, during a briefing with foreign investors at the ongoing annual meetings of the IMF and World Bank in Washington, D.C.

Andullahi noted that the current reserves could cover 14.5 months of goods and services imports, or 18 months for goods alone. Additionally, foreign exchange inflow into Nigeria has reached $57 billion as of August 2024.

He reported a significant increase in capital importation, which nearly doubled to $6.9 billion this year, compared to $3.9 billion in the 2023 financial year.

Efforts to boost remittances from Nigerians in the diaspora are also showing promising results, with current monthly remittances totaling $650 million and reaching a record $3.5 billion so far this year, surpassing the annual total of $3.2 billion in 2023. The CBN aims to achieve a target of $1 billion in monthly remittances.

The Deputy Governor further mentioned that CBN interventions in the foreign exchange market have decreased to just 5% of market turnover. While the bank may occasionally intervene, it is committed to ensuring the market does not become reliant on such measures.

Starting in December, the foreign exchange market is expected to implement a matching system, enhancing transparency in trading. Andullahi emphasized that the FX market has been dysfunctional for about a decade, and the current developments are a response to this prolonged issue.

During the Q&A session, CBN Governor Mr. Olayemi Cardoso reassured investors that the current FX administration is designed to facilitate easier currency inflows for both Nigerians and foreign investors.

He highlighted that rising interest rates are fostering greater confidence in the local currency and encouraging local production over reliance on imports, which he views as a positive trend. Furthermore, he noted that the harmonization of exchange rates has made sending money to Nigeria more straightforward, contributing to the increase in remittance inflows.

The price of a 50 kg bag of local rice in Nigeria has soared by 152.9% year-on-year, reaching N95,738 in September 2024, up from N37,853 in September 2023.

Data from the National Bureau of Statistics (NBS) in its ‘Selected Food Price Watch’ report highlights that the price of 1 kilogram (kg) of local rice now stands at N1,914.77.

The report also reveals a staggering increase in bean prices, which surged over 200% year-on-year. Specifically, the average price of 1 kg of local rice sold loose rose from N757.06 in September 2023 to N1,914.77 in September 2024, reflecting a 4.57% month-on-month increase.

Furthermore, the average price of 1 kg of boneless beef jumped by 99.99%, from N2,816.91 in September 2023 to N5,633.60 in September 2024, marking a 1.44% rise from the previous month. The average price for loose brown beans reached N2,738.59, representing a 281.97% increase from N716.97 a year ago, with a month-on-month rise of 6.37% from N2,574.63 in August 2024.

Medium-sized agricultural eggs (12 pieces) also saw a significant price hike of 137.43% year-on-year, climbing from N1,047.47 in September 2023 to N2,487.04 in September 2024. Month-on-month, the price increased by 8.64% from N2,289.19 in August 2024. Additionally, sliced bread prices surged by 115.74%, from N708.36 in September 2023 to N1,528.19 in September 2024, with a 4.68% rise from N1,459.85 in August.

The state-by-state analysis revealed that Bauchi had the highest average price for loose brown beans at N3,450.04, while Adamawa recorded the lowest at N1,800.

For agricultural eggs, Niger State had the highest average price at N3,000.84, compared to Borno State’s lowest at N2,075.58. Rivers State topped the list for sliced bread prices at N1,852.50, while Yobe reported the lowest at N982.79. Kogi State recorded the highest average price for loose local rice at N2,688.04, whereas Benue reported the lowest at N1,229.14.

Nigeria has lost approximately 20,100 Gigawatt-hours (GWh) of power generation potential to ongoing gas flaring by oil companies in the first nine months of 2024. This marks a 5.5% increase compared to the 19,000 GWh lost during the same period in 2023.

The country’s gas flaring has risen by 8%, reaching 200.5 million standard cubic feet (MSCF) this year, up from 190.2 million MSCF in 2023. According to the National Oil Spill Detection and Response Agency (NOSDRA), the flared gas during this period is valued at approximately $701.8 million, with the responsible companies, including International Oil Companies (IoCs), facing fines totaling $401 million.

NOSDRA also reported that flaring from onshore operations increased by 10%, accounting for 105.5 MSCF, while offshore flaring was recorded at 95 MSCF.

The volume of gas flared equates to 10.7 million tonnes of carbon dioxide emissions. Despite efforts to mitigate gas flaring, it has persisted in Nigeria since the 1950s, contributing to environmental pollution.

Adetayo Adegbemle, Executive Director of PowerUp Nigeria, highlighted that various factors contribute to system failures in the power sector. He explained that system collapses occur when the demand from consumers significantly exceeds the available generation capacity.

This disruption impacts Electricity Generation Companies (GENCOs) and disrupts economic activities reliant on electricity, leading to financial losses and potential damage to electrical systems.

Adegbemle emphasized the need for effective systems to maintain grid stability, such as the SCADA system, which is designed to balance the grid and facilitate planning.

However, he noted delays in the installation of this critical system by the Transmission Company of Nigeria, despite significant investments of time and resources.

According to a recent report from the National Bureau of Statistics (NBS), 67.8% of households across nine Nigerian states use firewood for cooking.

The report, titled “The 2024 Nigeria Residential Energy Demand-Side Survey (NREDSS),” reveals that despite a shift towards cooking gas, around 41% of households still purchase firewood.

The NBS noted that 41% of households acquire fuel wood through purchases, while 39% rely on cutting or collecting it themselves. Only 18.9% utilize other methods such as barter, gifts, or borrowing.

Notably, over half of the wood collected consists of branches, stems, and trees, with 55.3% of the total fuel wood sourced from these materials. The survey indicates that 67.8% of households use firewood for various purposes, including domestic, agricultural, commercial, cultural, and religious activities.

Additionally, the survey found that 22% of households used charcoal, with 21.6% purchasing it and a minimal percentage sourcing it through self-production or other means.

Liquefied Petroleum Gas (LPG) usage was reported by 19.4% of households, indicating that about one in five households relies on this fuel type, with an average monthly expenditure of N10,239.7 on LPG.

The survey covered the states of Akwa Ibom, Bauchi, Ekiti, Oyo, Enugu, Kwara, Plateau, Kano, and Sokoto.