Nigeria’s inflation rate drops, but northern states continue to face severe economic challenges.
In July 2024, Nigeria’s headline inflation rate eased to 33.40% for the first time in nearly two years. However, the relief is uneven, with northern states experiencing significantly higher inflation rates. Bauchi recorded the highest rate at 46.04%, while Benue saw the lowest at 27.28%.
Month-on-month, inflation was highest in Abuja (3.91%), Borno (3.84%), and Enugu (3.76%). The northern region, grappling with food insecurity and economic instability due to ongoing banditry and kidnappings, faces severe inflation impacts. Farmers in the North are particularly affected as insecurity drives up food prices and hampers agricultural productivity.
This economic strain, coupled with the security crisis, exacerbates the region’s vulnerability, contributing to Nigeria’s overall fragile economic and security situation. The impact of rising costs and insecurity is reflected in the broader food insecurity affecting the country, especially in the North.
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