Nigeria’s Food Crisis Expected to Worsen Amid Economic Hardship

Nigeria’s Food Crisis Expected to Worsen Amid Economic Hardship

Nigeria is projected to see a severe hunger crisis next year, with over 30 million people facing food insecurity—a 33% increase from this year—due to economic challenges, according to a government and UN report as seen by CNBCAfrica. Economic hardship has intensified following austerity reforms by President Bola Tinubu, including currency devaluation and the removal of a longstanding petrol subsidy, contributing to rising inflation and a cost-of-living crisis.

November 4, 2024 6

Business / Economics

Egypt raises fuel prices as part of IMF-backed reforms

Egypt announced Thursday a 15-percent increase in petrol prices, part of a reform package requested by the International Monetary Fund to proceed with a $5 billion loan to the cash-strapped government. The Egyptian petroleum ministry said the price hike would come into effect on Friday. The announcement comes ahead of an IMF meeting on Monday to review the April payout package, unlocking $820 million in funds after […]

July 25, 2024 10

Africa

Locally assembled handsets begin to drive Africa’s low-end smartphone shipments

By Conrad Onyango, bird story agency As Africa’s major currencies weaken against the US dollar, consumers are opting for more affordable smartphones with ‘premium features’ that are either locally assembled or made in China. According to two mobile phone tracking reports, local assembly initiatives for low-end smartphones have contributed to strong growth, particularly in Kenya. The International Data Corporation (IDC) has also listed the East African economy […]

March 12, 2024 28