Nigeria Roundup: Inflation, school collapse, street protests
Inflation
Nigeria's inflation rose to 34.19% in June 2024, driven by higher food, transportation, and energy prices. The government suspended taxes and import duties on food items to ease the pressure, but talks of a possible interest rate increase are growing. The issue will be discussed at the next Monetary Policy Meeting, Zaywa reports.
Street protests
Citizens for Development and Education director Ibrahim Waiya believes street protests are not the best way to address Nigeria's economic challenges due to the country's low level of civilization and potential for chaos. According to Vanguard Nigeria, he criticised the government's insensitivity to the plight of the citizens and called for more effective measures to address poverty and the impact of fuel subsidy removal.
School building collapse
A two-storey school building collapsed in central Nigeria, killing 22 people and trapping 154. Everyone except those who died has been rescued and is being treated for injuries. The collapse occurred during school hours, and building collapses are frequent in Nigeria due to lax safety regulations and substandard construction materials, Straitstimes reports.
Low wages
The poor economy in Nigeria has led to an increase in people leaving their low-paying jobs in favour of starting their own businesses. Punching reports that many are citing low wages, increased prices, and lack of respect in the workplace as reasons for their decisions. The National Bureau of Statistics reports that 87.3% of employed Nigerians are now primarily self-employed.
Petroleum products export
The Nigerian National Petroleum Company Limited (NNPCL) has announced that the country is set to become a net exporter of petroleum products by the end of the year. This was revealed by NNPCL Group CEO, Mr Mele Kyari, during an Emergency Interactive Session with managers of the nation’s economy organised by the Senate Committee on Finance at the National Assembly in Abuja on July 15, Leadership Nigeria can report.
