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Nigerians Face Pressure as Food, Fare Prices Surge

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The National Bureau of Statistics (NBS) revealed a surge in food prices in August, with notable increases in staple items such as beef, tomatoes, beans, garri, and yam.

According to the NBS’s Food Price Watch report, the price of 1kg of boneless beef rose by 30.75% year-on-year, reaching N2,799.51 in August 2023 from N2,141.18 in August 2022. Similarly, local rice witnessed a 62.68% hike in the same period, now priced at N738.74 per 1kg.

Dr. Bosun Tijani, Minister of Communications, Innovation and Digital Economy, underscored the significance of AI’s potential to both revolutionise global sectors and enhance Nigeria’s economic stature.

With a dedicated vision to tap into AI’s myriad potentials, Tijani articulated Nigeria’s approach to crafting a holistic AI strategy. Aiming high, he hopes to establish Nigeria as a global hub for AI expertise and underscore its commitment to inclusivity in AI datasets.

Tijani’s ambitious strategy is multifaceted. It aims to boost Nigeria’s global AI readiness ranking to the top 50 by 2030, currently standing at 96. The blueprint for this plan is based on five key pillars: knowledge, policy, infrastructure, innovation, and trade.

Highlighting the interconnectivity of these pillars, Tijani said, “Robust policies provide the foundation for innovation driven by knowledge. A thriving digital economy depends on infrastructure, while economic diversification is fuelled by innovation and entrepreneurship. Our commitment to global partnerships and collaboration is embodied in trade.”

According to a report by The Guardian, Olufemi Ajadi, Managing Director of Bullion Go-Neat Global Limited, expressed concerns over rising inflation.

He urged the Federal Government to address underlying economic issues like high foreign exchange costs, multiple taxation, and deteriorating infrastructure, which collectively impact the cost of living and deter entrepreneurial ventures.

In a plea to the government, Ajadi said, “As Nigeria marks its 63rd independence anniversary, I call upon the authorities to foster an environment that bolsters our economy. With soaring prices and worsening insecurity, the average Nigerian has little to celebrate.”

NBS’s transport data for Q3 2022 reported a total of 3,412 road traffic crashes, a 3.96% increase from the previous quarter. Furthermore, data from Q4 2022 showed 1,309 male fatalities out of a total of 1,608 persons, while Q1 2023 witnessed 1,185 male deaths out of 1,441.

The North-Central region topped the list with the highest number of accidents both in Q4 2022 and Q1 2023, followed by the South-West, leaving the South-South with the fewest incidents.

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