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Food Inflation Reaches 39.93% as Nigeria’s Inflation Rate Hits 34.6%

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Nigeria’s headline inflation rate rose to 34.60% in November 2024 from 33.88% in October 2024, the National Bureau of Statistics (NBS) said Monday.

The November inflation rate showed an increase of 0.72% points compared to the October 2024 inflation rate, according to NBS’s latest Consumer Price Index (CPI) report which measures the rate of change in prices of goods and services.

“On a year-on-year basis, the Headline inflation rate was 6.40% points higher than the rate recorded in November 2023 (28.20%). This shows that the Headline inflation rate (year-on-year basis) increased in November 2024 compared to the same month in the preceding year (i.e., November 2023),” the Bureau said.

Significantly, food inflation rate in November 2024 was 39.93% on a year-on-year basis, 7.08% points higher than the rate recorded in November 2023 (32.84%).

On a month-on-month basis, the food inflation rate in November 2024 was 2.98% which shows 0.05% points increase compared to the rate recorded in October 2024 (2.94%).

The rise in food inflation is attributed to the rate of increase in the average prices of mudfish, catfish dried, dried fish sadine, rice, yam flour, millet whole grain, corn flour, agric egg, powered milk, fresh milk, dried beef, goat meat, frozen chicken, among others.

Food and commodity inflation have skyrocketed as Nigerians battle what can pass for the worst cost of living crisis since the country’s independence over six decades ago.

Bretton Woods institutions like the World Bank and the International Monetary Fund had advocated the removal of energy subsidies and the floating of the naira, saying failure to effect the two economic policies has plunged Nigeria into severe inflationary pressures.

After his inauguration in May 2023, President Bola Tinubu removed petrol subsidy and floated the naira. Petrol prices more than quadrupled, soaring from less than N200 per litre to over N1,100 in many parts of the country. The naira also took a nosedive, wobbling from around N700/$ to N1,600.


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Microplastics Found in 90 Percent of Prostate Cancer Samples

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Microplastics have now been found inside most prostate cancer tumors — and at strikingly higher levels than in healthy tissue.

Microplastics Found in 90 Percent of Prostate Cancer Samples

A new study reports that tiny plastic particles were present in nine out of 10 men diagnosed with prostate cancer.

Researchers also found that these fragments appeared in greater amounts inside cancerous tumors than in nearby noncancerous prostate tissue.

The investigation was conducted at NYU Langone Health, including its Perlmutter Cancer Center and Center for the Investigation of Environmental Hazards.

Scientists set out to examine whether exposure to microplastics could play a role in the development of prostate cancer, which the American Cancer Society identifies as the most common cancer affecting American men.

Plastic used in food containers, packaging, cosmetics, and other everyday products can break down into microscopic pieces when heated, worn down, or chemically altered.

These particles can be swallowed, inhaled from the air, or absorbed through the skin. Previous research has detected microplastics throughout the human body, including in major organs, bodily fluids, and even the placenta.

Despite their widespread presence, scientists still do not fully understand their health effects.

For this study, researchers analyzed prostate tissue samples from 10 patients undergoing surgery to remove the prostate gland. Microplastic particles were identified in 90% of tumor samples and in 70% of noncancerous samples.

Notably, tumor tissue contained significantly more plastic.

On average, cancerous samples had about 2.5 times the concentration found in healthy prostate tissue (about 40 micrograms of plastic per gram of tissue compared with 16 micrograms per gram).

“Our pilot study provides important evidence that microplastic exposure may be a risk factor for prostate cancer,” said study lead author Stacy Loeb, MD, a professor in the NYU Grossman School of Medicine’s Departments of Urology and Population Health.

Loeb explained that while earlier studies had hinted at links between microplastics and conditions such as heart disease and dementia, there had been little direct research connecting them to prostate cancer.

The findings will be presented on February 26 at the American Society of Clinical Oncology’s Genitourinary Cancers Symposium.

According to Loeb, this is the first study conducted in the West to measure microplastic levels in prostate tumors and directly compare them with levels in noncancerous prostate tissue.

To carry out the analysis, scientists first examined the tissue visually. They then used specialized instruments to measure the quantity, chemical makeup, and structural characteristics of microplastic particles. The team focused on 12 of the most commonly produced plastic molecules.

Because plastic is widely used in medical and laboratory tools, the researchers took extra precautions to prevent contamination. They replaced plastic equipment with alternatives made from aluminum, cotton, and other nonplastic materials. All testing took place in controlled, clean rooms specifically designed for microplastic analysis.

“By uncovering yet another potential health concern posed by plastic, our findings highlight the need for stricter regulatory measures to limit the public’s exposure to these substances, which are everywhere in the environment,” said study senior author Vittorio Albergamo, PhD.

Albergamo, an assistant professor in the NYU Grossman School of Medicine’s Department of Pediatrics, said the next step is to determine how microplastics behave inside the body and whether they contribute directly to cancer development. One theory the team plans to investigate is whether these particles trigger a persistent immune response (inflammation) in prostate tissue.

Over time, chronic inflammation can damage cells and lead to genetic changes that allow cancer to form.

Albergamo emphasized that the study involved a small number of patients and that larger studies will be necessary to confirm the results.

According to the Centers for Disease Control and Prevention, about one in eight men in the U.S. will be diagnosed with prostate cancer during their lifetime.

Meeting: American Society of Clinical Oncology’s Genitourinary Cancers Symposium

The research was funded by the U.S. Department of Defense.

In addition to Loeb and Albergamo, the NYU Langone research team included Leonardo Trasande, MD, MPP; Trevor Johnson, PhD; Fang-Ming Deng, MD, PhD; Mark Strong, DO; David Wise, MD, PhD; José Alemán, MD, PhD; Zixuan Mo, BS; Mariana Rangel Camacho, BS; Nataliya Byrne, BA; Tatiana Sanchez Nolasco, MPH; Adrian Rivera, MPH; William Huang, MD; Herbert Lepor, MD; Wei Phin Tan, MD; and James Wysock, MD.

Samir Taneja, MD, of Northwell Health in New York City also contributed to the study.

Loeb has consulted for pharmaceutical company Astellas, digital health company Savor Health, and men’s health organization Movember, and has received research support from Endo USA Inc. She also participated in advisory boards for Endo USA, Blue Earth Diagnostics, Pfizer, Sumitomo Pharma, and Doceree. Wysock has consulted for medical equipment manufacturers Edap — Focal One, and URO-1 Medical. Wise is a paid consultant for Pfizer, Bayer, K36, OncoC4, AstraZeneca, and Janssen Pharmaceuticals, and is an expert witness for Exxon Mobil. None of these activities are related to the current study. NYU Langone Health is managing the terms and conditions of these relationships in accordance with its policies and procedures.

Credit…..scitechdaily.com


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Lotus Bank, REA Seal N100Bn Deal to Power Rural Nigeria

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Lotus bank has strengthened its push for inclusive and sustainable development through a strategic partnership with the Rural Electrification Agency (REA) to widen access to renewable energy solutions in underserved communities nationwide.

The collaboration was formalised on Monday in Abuja with the signing of a Memorandum of Understanding (MoU), under which LOTUS Bank will make available up to N100 billion in accessible financing to certified Renewable Energy Service Companies (RESCOs). The funding is expected to ease capital constraints that have slowed the pace of off-grid electrification projects across rural Nigeria.

Speaking at the signing ceremony, Managing Director/Chief Executive Officer of LOTUS Bank, Dr. Isiaka Ajani-Lawal, described the partnership as a practical demonstration of the Bank’s founding philosophy.

“LOTUS Bank was established to redefine the impact that financial institutions can have on the society we serve – not simply through financing, but through partnership, empowerment, and shared prosperity,” he said.

Ajani-Lawal stressed that the initiative aligns with the Bank’s broader mission of deploying ethical, non-interest finance to address pressing national development priorities.

“Our involvement with REA and the DARES program underscores our commitment to supporting sustainable development goals, while driving financial inclusion across Nigeria. We believe non-interest finance must go beyond innovation — it must deliver tangible socio-economic value to all segments of society,” Ajani-Lawal assured.

On his part, REA Managing Director/Chief Executive Officer, Abba Abubakar Aliyu, underscored the urgency of tackling financing gaps confronting renewable energy developers, particularly in the off-grid segment.

“While Nigeria has made strides in expanding energy access, financing remains a key constraint for RESCOs. Collaborations like this are essential in unlocking private sector investment and delivering sustainable energy solutions at scale,” Aliyu said.

Industry observers note that the partnership is poised to accelerate clean energy deployment, reduce financing bottlenecks, and catalyse private sector participation in Nigeria’s electrification drive.

It also aligns with the country’s National Electrification Strategy and Implementation Plan (NESIP) and advances Sustainable Development Goal 7 (SDG7), which seeks to ensure access to affordable, reliable and clean energy for all.

Since commencing operations in 2021, LOTUS Bank has carved a niche as a non-interest lender focused on financial inclusion. The Bank has rolled out innovative products tailored to individuals, women, youth and micro, small and medium enterprises (MSMEs), while investing in digital platforms to broaden access to ethical banking services across urban and rural communities.

Its interventions span community empowerment initiatives, corporate social responsibility programmes, and financial literacy campaigns designed to deepen understanding and adoption of non-interest banking principles.

In recognition of its expanding footprint in ethical finance, LOTUS Bank was recently named “Best Ethical and Financial Inclusion Bank of the Year” at the 2025 BusinessDay BAFI Awards, further cementing its reputation as a leading advocate of impact-driven banking in Nigeria.


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DG NITDA Reaffirms FG Commitment to Responsible, Inclusive AI

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The Federal Government of Nigeria has reaffirmed its commitment to building a responsible, inclusive, and sovereign artificial intelligence ecosystem to enable Nigeria to transition from being a passive consumer of AI technologies to an architect and builder of indigenous AI systems.

This was said by the Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullahi CCIE, while delivering a virtual address at the InnovateAI Conference held in Lagos.

The conference brought together policymakers, technology leaders, innovators, and stakeholders to discuss the future of artificial intelligence and its role in driving Nigeria’s digital economy and national development agenda.

Inuwa outlined Nigeria’s ambition to transition from being a consumer of artificial intelligence technologies to becoming a builder and owner of AI systems that reflect national values and priorities, in line with the National AI Strategy.

“Our goal is not just to use AI, but to architect and build our own AI systems in Nigeria,” he said, stressing that the country must take ownership of its AI future.

He noted that Nigeria’s approach to artificial intelligence extends beyond innovation to include governance, infrastructure, data sovereignty, and policy evolution.

According to him, “Responsible AI is never a finished job; it is an iterative journey. Our policies must evolve as the technology evolves, and we must avoid frozen laws by adopting living policies that adapt over time.”

He cited the implementation of the Digital Economy and E-Governance Bill as a key mechanism for generating insights that will help refine AI regulations and governance frameworks.

Inuwa also highlighted the challenge of data representation in global AI systems, noting that most models are trained on non-African datasets, which often results in bias against local dialects, cultures, and demographics.

“If a model shows bias against a local dialect or demographic, we cannot just patch it. We must reinvest in infrastructure to retrain it with inclusive and representative local datasets,” he stated.

He added that building national AI infrastructure is critical to achieving data sovereignty and ensuring that Nigeria is not merely an end user of foreign AI systems.

He further called for strategic partnerships with global technology companies and hyperscalers to build AI infrastructure in Nigeria while aligning with local values and national priorities.

“The world today is a global village. We need to work with global players, but they must understand our local nuances and help us build the infrastructure to retrain and develop AI models that reflect our context,” he said.

The NITDA Director General explained that adopting a comprehensive AI lifecycle approach, from responsible data collection and governance to deployment and continuous feedback, will enable Nigeria to move from reacting to AI developments to proactively designing indigenous AI systems.

“Without understanding how AI models are trained, how decisions are made, and how models are retrained, it will be difficult to build a responsible and trustworthy AI system,” he warned.

He reaffirmed that the Federal Government is intentional about promoting responsible AI and is working closely with the technology ecosystem to co-design national AI guardrails. He described platforms such as the InnovateAI Conference and other national AI dialogues as critical to shaping Nigeria’s AI future.


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