The first half of 2024 has been a period of unprecedented economic challenges across Africa; a confluence of global and regional factors has exerted immense pressure on households and businesses alike.

Soaring inflation has eroded purchasing power, with food and fuel prices leading the charge. In Nigeria, for instance, the naira’s devaluation coupled with supply chain disruptions; just as food inflation rate hit 40.01 percent on a year-on-year basis – an increase of 15.56 percent points higher compared to the 24.45 percent rate recorded in March 2023.

This has triggered a cost-of-living crisis, forcing consumers to make difficult spending choices. Also, in various parts of Africa, the first 6 months of 2024 have been that of geopolitical tensions contributing to market volatility and increased the cost of essential goods.