Nigeriaâs economic challenges, marked by the depreciation of the naira and persistent inflation, have contributed to its slide into a “vulnerable status” on the African Country Instability Risk Index (ACIRI) for 2024.
The index compiled by SBM Intelligence scored Nigeria’s risk level at 45, reflecting a change of -6 compared to 39 in 2023.
The report noted that Nigeria is faced with a worsening security environment, rising cost of living, and economic struggles.
In Nigeria, the report said:
Sub-Saharan Africa showed a modest improvement overall, with an average score of 45.4%.
The ACIRI report highlights a varied picture across SSAâs regions:
Bunmi Bailey, Head of Research SBM intelligence, explained to TimesNow.com.ng that the ACIRI underscores the need for urgent reforms in Nigeria.
She noted that diversifying the economy, stabilising the naira, and addressing insecurity are pivotal to reversing the negative trend.
Bailey explained:
Earlier, TimesNow.com.ng reported that the average cost of making a pot of jollof rice for a family of five has risen once again, and it is over N20,000 now.
This was disclosed in the latest Jollof index report published by SBM Intelligence for 3rd quarter of 2024.
Nigerians have been battling a rise in food prices, which has caused significant pressure on household finances.
Proofread by Kola Muhammed, journalist and copyeditor at TimesNow.com.ng
Source: TimesNow.com.ng
