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Nigeria's inflation rate rises to 33.88% in October 2024

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Nigeria039s inflation rate rises to 3388 in October 2024

Nigeria's inflation rate rises – According to the report,…

According to the report, the figure is 1.18% points higher compared to the 32.70% recorded in September 2024.

The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate increased 33.88% in October 2024.

The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for October 2024, which was released in Abuja on Friday. According to the report, the figure is 1.18% points higher compared to the 32.70% recorded in September 2024.

It said on a year-on-year basis, the headline inflation rate in October 2024 was 6.55% higher than the rate recorded in October 2023 at 27.33%. In addition, the report said on a month-on-month basis, the headline inflation rate in October 2024 was 2.64%, which was 0.12% higher than the rate recorded in September 2024 at 2.52%.

“This means that in October 2024, the rate of increase in the average price level was higher than the rate of increase in the average price level in September 2024.”

The report said the increase in the headline index for October 2024 on a year-on-year and month-on-month basis was attributed to the increase in some items in the basket of goods and services at the divisional level.

It said these increases were observed in food and non-alcoholic beverages, housing, water, electricity, gas, and other fuel, clothing and footwear, transport and furnishings, household equipment and maintenance. Others include education, health, and miscellaneous goods and services, restaurants and hotels, alcoholic beverages, tobacco and kola, recreation and culture, and communication.

It said the percentage change in the average CPI for the 12 months ending October 2024 over the average CPI for the previous 12 months was 32.26%.


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“This indicates an 8.82% increase compared to 23.44% recorded in October 2023.”

The report said the food inflation rate in October 2024 increased to 39.16% on a year-on-year basis, which was 7.64% higher compared to the rate recorded in October 2023 at 31.52%.

“The rise in food inflation on a year-on-year basis is caused by increases in prices of guinea corn, rice, maize grains, beans, yam, water yam, and CocoYam.

“Others are palm oil, vegetable oil, Lipton, Milo, and Bournvita, among others.”

It said on a month-on-month basis, the food inflation rate in October was 2.94%, which was a 0.30% increase compared to the rate recorded in September 2024 at 2.64%.

“The increase in food inflation on a month-on-month basis was caused by an increase in the average prices of palm oil, vegetable oil, mudfish, croaker, fresh fish, dried beef, goat meat, mutton, and skin meat.

“Others are bread, guinea corn flour, plantain flour, rice, among others.”

The report said that “all items less farm produce and energy’’ or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 28.37% in October on a year-on-year basis.

“This increased by 5.79% compared to 22.58% recorded in October 2023.

“The exclusion of the PMS is due to the deregulation of the commodity by removal of subsidy.”

It said the highest increases were recorded in prices of bus journeys within the city, Journeys by motorcycle, and bus journeys intercity among others.

“Others are rents, meal at a local Restaurant, hair cut service, woman hair brush, women’s hairdressing, among others.”

The NBS said on a month-on-month basis, the core inflation rate was 2.14% in October 2024.

“This indicates a 0.04% increase compared to what was recorded in September 2024 at 2.10%.

“The average 12-month annual inflation rate was 26.12% for the 12 months ending October 2024; this was 6.14% points higher than the 19.98% recorded in October 2023.”

The report said on a year-on-year basis in October 2024, the urban inflation rate was 36.38%, which was 7.09% higher compared to the 29.29% recorded in October 2023.

“On a month-on-month basis, the urban inflation rate was 2.75%, which increased by 0.08% compared to September 2024 at 2.67%’’.

The report said on a year-on-year basis in October, the rural inflation rate was 31.59%, which was 6.01% higher compared to the 25.58% recorded in October 2023.

“On a month-on-month basis, the rural inflation rate was 2.53%, which increased by 0.14% compared to September 2024 at 2.39%.’’

On states’ profile analysis, the report showed that in October, all items’ inflation rate on a year-on-year basis was highest in Bauchi at 46.68%, followed by Kebbi at 40.02%, and Sokoto at 39.65%. It, however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Delta at 27.85%, followed by Benue at 28.22%, and Katsina at 29.59%.

The report, however, said in October 2024, all items inflation rate on a month-on-month basis was highest in Kano at 3.77%, followed by Bauchi at 3.74%, and Anambra at 3.59%.

“Kwara at 1.27%, followed by Ondo at 1.49% and Lagos at 1.91% recorded the slowest rise in month-on-month inflation.”

The report said on a year-on-year basis, food inflation was highest in Sokoto at 52.18%, followed by Edo at 46.55%, and Borno at 45.85%.

“Kwara at 31.68%, followed by Kogi at 33.30% and Rivers at 33.87% recorded the slowest rise in food inflation on a year-on-year basis.’’

The report, however, said on a month-on-month basis, food inflation was highest in Adamawa at 5.08%, followed by Sokoto at 4.86%, and Yobe at 4.34%.

“Kwara at 1.11%, followed by Ondo at 1.31% and Kogi at 1.50%, recorded the slowest rise in inflation on a month-on-month basis.”
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Why young Nigerians launch side hustles before their NYSC year begins

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Faced with soaring living costs, uncertain job prospects and fierce competition for internships, they launch small ventures ranging from digital services and tutoring to food delivery and handcrafted goods during the six-month pre-service interval.

Early income helps cover rent, transport and registration fees while building industry-relevant skills in marketing, customer relations and money management. It also provides seed capital for businesses that continue through service and beyond.

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A graduate running a mobile laundry service learns to optimize pick-up routes and communicate effectively, skills that are immediately transferable to NYSC team assignments.

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By embracing side hustles early, Nigerian graduates transform a waiting period into an incubator for income, skills and professional growth.

These ventures help buffer against economic uncertainty and also lay a strong foundation for success during NYSC and in post-service careers.

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Nigeria's Gambling Sector Experiences Online-Driven Growth Spike

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Nigeria’s online gambling industry is experiencing a significant surge, driven by increased internet accessibility and mobile phone usage. This growth has transformed betting from a traditional pastime into a mainstream entertainment activity.

Gone are the days when betting meant making regular trips to local shops, often at the expense of time and comfort. Today, the gambling experience has shifted online, allowing users to place bets wherever they are—whether lounging at home or on the go. This digital transformation, driven by Nigeria’s high smartphone usage and growing internet access, has made gambling far more convenient. In fact, top tier casinos and successful affiliate companies like NoDepositKings target such players with exclusive mobile no deposit casino bonuses, which reward users just for playing from their phones, making online platforms an increasingly attractive alternative.

 Mobile Technology Fuels a Betting Boom

Over the past decade, Nigeria’s gambling landscape has undergone a dramatic transformation, evolving from traditional betting shops to a dynamic online ecosystem. This shift is primarily attributed to the widespread adoption of smartphones and affordable mobile internet, enabling millions to access betting platforms with ease. Currently, approximately 90% of Nigerian internet users connect via mobile devices, making online gambling more accessible than ever.

The digital revolution has led to a surge in online sports betting, with increasingly sophisticated gambling platforms offering user-friendly interfaces and a wide range of betting options. The convenience of placing bets from anywhere at any time has attracted a new generation of players, further fueling the industry’s growth.

 Diverse Offerings Attract a Broad Audience

Online betting platforms in Nigeria have expanded beyond the realms of traditional sports betting to include live betting, virtual sports, and a broad range of casino games such as roulette and blackjack. Being able to offer consumers a comprehensive suite of options means that these operators cater for a wide range of preferences.

However, the real draw of these platforms lies in their ability to offer real-time betting opportunities and a wide range of markets, thereby enhancing user engagement. Additionally, the potential for financial gain through strategic betting has transformed gambling into both a form of entertainment and a supplementary income source for many Nigerians.​

Regulatory Landscape and Challenges

Despite the industry’s rapid growth, Nigeria’s regulatory framework for online gambling remains fragmented. While the National Lottery Regulatory Commission (NLRC) oversees licensing, the absence of a unified national policy has led to inconsistencies, with individual states implementing their own regulations.​

In November 2024, the Supreme Court nullified the National Lottery Act of 2005, underscoring the need for a comprehensive legal overhaul. To address this, the proposed Central Gaming Bill aims to establish a centralized authority to regulate online and remote gaming, ensuring standardized practices nationwide.​

 Market Outlook and Future Prospects

The Nigerian online sports betting market is projected to grow at a compound annual growth rate (CAGR) of 6.92% from 2024 to 2028. This growth is driven by a youthful, tech-savvy population and increasing internet penetration. As more international operators enter the market, competition is expected to intensify, leading to enhanced services and more innovative offerings for consumers.​


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The leading gambling platforms are poised to capitalize on this growth by continually enhancing user experience, expanding their game portfolios, and adhering to international standards of fairness and security. Their commitment to responsible gambling and customer support further solidifies their position in the market.​

In short, Nigeria’s gambling sector is experiencing a significant online-driven growth spike, reshaping the way Nigerians engage with betting activities. The convergence of mobile technology, diverse gaming options, and evolving regulatory frameworks presents both opportunities and challenges. As the industry continues to mature, stakeholders must collaborate to ensure sustainable growth, consumer protection, and the establishment of a robust regulatory environment.

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