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%).”

At the 2024 Nigeria Fintech Week held in Lagos, Branka Mracajac, CEO of 9 Payment Service Bank (9PSB), Nigeria’s digital payment service bank, focused on financial inclusion, emphasized the critical importance of innovation, increased investment, regulatory support, and collaboration among stakeholders in driving the growth of Nigeria’s fintech ecosystem.

The three-day event themed: Positioning Africa’s Fintech Ecosystem to Accelerate Inclusive growth’, brought together industry leaders to discuss strategies for leveraging generative Artificial Intelligence and transitioning from revenue-driven to profitability-focused business models.

In a keynote address – Powering Nigeria’s Fintech Ecosystem to Accelerate Growth, the Chief Executive Officer, and Managing Director, 9 Payment Service Bank, Branka Mracajac, highlighted that as Nigeria stands at the forefront of the fintech revolution in Africa, the market has experienced significant advancements.

The influx of startups and foreign investments is redefining how financial services are delivered. Innovations such as digital and mobile wallets are addressing the financial needs of millions of Nigerians.

However, to sustain this momentum, it is essential to address several challenges. With over 28 million adults lacking access to essential financial services, enhancing digital infrastructure and improving connectivity are critical. Furthermore, the affordability and accessibility of fintech products must be prioritized to ensure that all Nigerians can benefit from these advancements.

In her words, “building trust with consumers is paramount. The fintech sector must ensure reliable data practices and provide educational resources to enhance understanding of available services.

While the Central Bank of Nigeria and other regulatory bodies have taken significant steps to foster innovation, continued efforts are needed to protect consumers and create a supportive environment for industry growth.

The robust investment capital entering the fintech sector presents a tremendous opportunity for innovation. Numerous startups are emerging, ready to address the diverse needs of the population. To fully realize this potential, deeper collaboration and partnerships across the industry are essential.”

“The future of Nigeria’s fintech landscape is bright, but achieving its full potential requires a united effort and innovative thinking from all stakeholders. Together, the industry can accelerate growth and transform the financial services sector in Nigeria”, Mracajac added.

The Nigeria Fintech Week (NFW) is an annual event and a platform that provide opportunities for players and other stakeholders to come together, engage, share innovative knowledge, and experience that will drive the industry forward

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.”