Global food prices reached an 18-month high
Global food prices rose in October to their highest level in 18 months, with a sharp increase in the cost of vegetable oil, the Food and Agriculture Organization said on Friday.
The FAO Food Price Index, which tracks monthly changes in international prices of a basket of food commodities, reached 127.4 points last month, a two-percent increase from September.
It was the highest since April 2023 but still 20.5 per cent lower than the peak reached in March 2022 following Russia’s invasion of agricultural powerhouse Ukraine.
Dangote Refinery is bracing to export to seven African countries
The Dangote Refinery and Petrochemical is set to begin fuel exports to South Africa, Namibia and Angola. According to a report by The Punch, the management of the 650,000-barrel per-day capacity refinery is at advanced stages of talks with the countries to start lifting fuel.
Four other African countries – Niger Republic, Chad, Burkina Faso and Central Africa Republic – have also started negotiation with the refinery. And that’s not all. More countries are expected to show interest in coming months.
Ghana was recently reported to have expressed interest in buying petrol from the $20bn Lekki-based refinery.
Read Also: Nigeria, U.S. to release inflation data as OPEC publishes oil report
PiggyVest says Nigerians earning below N100k monthly rose by 42%
A new report from PiggyVest shows that in 2024, more Nigerians are struggling with low incomes than last year. According to their research, 37% of working Nigerians now make less than N100,000 per month. This is a big jump from 2023, when only 26% of workers fell into this low-income group – meaning there’s been a 42% increase in people earning this little.
The report found that more people are either making no money at all or earning below N100,000 than before. In fact, this low-income group now includes more than a third of working Nigerians, while fewer people are earning higher salaries.
As the report states: “Our survey suggests that more than one in three Nigerians earn below N100,000 monthly, making it the income bracket with the highest number of Nigerians.”
Oil imports crashed by 35% in Q2 – CBN
New data shows Nigeria is spending much less on importing oil than it did just a few months ago. According to the Central Bank of Nigeria’s latest economic report, the country spent $2.79 billion on oil imports in the second quarter (April to June) of 2024. This is 35% less than the $4.31 billion spent in the first three months of the year.
This big drop in oil imports shows how Nigeria’s oil and gas sector is changing, especially after President Bola Tinubu’s government removed fuel subsidies. These subsidies used to keep fuel prices artificially low for consumers.
The report also found that Nigeria is importing less of everything overall. The total value of all imported goods fell by 20.59%, dropping from $10.88 billion in the first quarter to $8.64 billion in the second quarter of 2024.
Elon Musk’s net worth surpassed $300 billion after the election
Elon Musk is now worth more than $300 billion – a level of wealth he hasn’t reached since early 2021, according to Bloomberg’s wealth index. This huge jump in his fortune comes as Tesla’s stock price is rising sharply, with investors betting that Musk’s good relationship with incoming president Donald Trump will be good for the electric car company.
Since Trump’s election victory, Musk has gained more money than any other billionaire tracked by Bloomberg’s wealth index. Tesla’s stock price has shot up by 28% just since Tuesday’s market close, which has added $50 billion to Musk’s personal wealth, bringing his total fortune to $313.7 billion.
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