According to the report, Kogi leads the surge in inflation by 48.46%, followed by Kwara 46.18%, but Akwa Ibom was pegged at 45.18%.

While Nasarawa 33.76%, Borno 34.28% and Bauchi 34.38% recorded the slowest rise in Food inflation on Year-on-Year basis.

The rise in food inflation on a year-on-year basis was caused by increases in prices of the following items Garri, Millet, Akpu Uncooked Fermented (which are under the Bread and Cereals class), Yam Tuber, Water Yam (under Potatoes, Yam, and other Tubers class).

Others are: Dried Fish Sadine, Mudfish Dried (under Fish class), Palm Oil, Vegetable Oil (under Oil and Fat), Beef Feet, Beef Head, Liver (under Meat class), Coconut, Water Melon (under Fruit Class), Lipton Tea, Bournvita, Milo (under Coffee, Tea and Cocoa Class).

On a Month on-Month basis, however, March 2024 Food inflation was highest in Abia (5.17%), Cross

River (5.14%), Bayelsa (4.75%), while Borno (1.59%), Yobe (2.08%) and Adamawa (2.12%) recorded the slowest rise in Food inflation on Month-on-Month basis.

The Food inflation rate in March 2024 was 3.62% which shows a 0.17% decrease compared to the rate recorded in February 2024 (3.79%).

The fall in Food inflation on a Month-on-Month basis was caused by a fall in the rate of increase in the average prices of Guinea corn flour, Plantain Flour etc (under Bread and Cereals class), Yam, Irish Potatoes, Coco Yam (under Potatoes, Yam & Other Tubers class), Titus fish, Mudfish Dried (under Fish class), Lipton, Bournvita, Ovaltine (under Coffee, Tea and Cocoa class).

Meanwhile, the Food inflation rate in March 2024 was 40.01% on a year-on-year basis, which was 15.56% points higher compared to the rate recorded in March 2023 (24.45%).

The average annual rate of Food inflation for the twelve months ending March 2024 over the previous twelve-month average was 31.40%, which was 8.69% points increase from the average annual rate of change recorded in March 2023 (22.72%).

The “All items less farm produces and energy” or Core inflation, which excludes the prices of volatile agricultural produces and energy stood at 25.90% in March 2024 on a year-on-year basis; up by 6.26% when compared to the 19.63% recorded in March 2023.

The highest increases were recorded in prices of the following items Bus Journey within the city (under Passenger Transport by Road class), Actual and Imputed Rentals for Housing, Consultation Fee of a medical doctor (under Medical Services class), and pharmaceutical products, etc.

On a month-on-month basis, the Core Inflation rate was 2.54% in March 2024. It stood at 2.17% in February 2024, an increase of 0.37%. The average twelve-month annual inflation rate was 22.26% for the twelve months ending March 2024; this was 5.04% points higher than the 17.22% recorded in March 2023.

In March 2024, All Items inflation rate on a Year-on-Year basis was highest in Kogi (39.97%), Bauchi (38.34%), Kwara (38.10%), and Oyo (37.29%), while Borno (25.78%), Benue/Taraba (28.12%) and Katsina (28.32%) recorded the slowest rise in headline inflation.

On a Month-on-Month basis, however, March 2024 recorded the highest increases in Zamfara (3.90%), Abia (3.89%), Ondo (3.75%), while Borno (1.46%), Yobe (1.84%) and Adamawa (1.85%) recorded the slowest rise on Month-on-Month inflation.

Recall that barley one month of president Bola Ahmed Tinubu in office, he declared immediate State of Emergency on food insecurity to tackle the increase in food prices. As at the time the state of emergence was declared, the National Bureau of Statistics (NBS) said Nigeria’s annual inflation rate rose to 22.41 percent in May from 22.22percent.

Founded in 2018, Kwara has processed over $400 million in annual transactions so far and the startup targets an even bigger growth rate with its plans to expand its current reach and acquire KUSCCO’s subsidiary IRNET, a software company and provider for SACCOs, for an undisclosed amount.

Added to the funding raised, Kwara also signed an exclusive digital solutions distribution agreement with the Kenya Union of Savings & Credit Cooperatives (KUSCCO), the national umbrella body representing SACCOs.

The seed extension round included existing investors such as DOB Equity, Globivest and Willard Ahdritz, the founder of Kobalt Music. New investors were One Day Yes, Base Capital and fintech executives including Mikko Salovaara, the CFO of Revolut.

Also present in South Africa and the Philippines, Kwara affirms to have had an increased clientele base which grew from 50 to 120 in 2021, maintaining a 100% customer retention, with its automated onboarding process, serving as a stimulator to this growth. 

Kwara focuses on helping credit unions go digital rather than keeping up with stressful paper-based processes and physical branches, providing opportunities for them to gain higher reach and revenues.

The company also has a next-generation neobank app that gives members of partner credit unions access to additional services such as instant loans and third-party services such as insurance. The app allows users to deposit money directly into their SACCO accounts, and track their finances and payments.

To further achieve its goals, Kwara plans to enter more partnerships and launch new features, which will help members build a personalized view of their own goals and work towards achieving them.