Source : Sahel weather October 2024 

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Nigeria is going through a period of major humanitarian and economic crises, compounded by tragic incidents and economic reforms. On October 1, 2024, a shipwreck near Mokwa, in the north-central part of the country, claimed the lives of at least 16 people and left many missing. Around 150 survivors were rescued, but the incident highlighted the dangers of poorly regulated rivers and often overloaded boats, a common phenomenon in the country, especially in the rainy season. Barely two weeks later, a tanker explosion in Jigawa state killed 140 people, revealing the inadequacy of safety measures for fuel transport, a problem that the authorities are calling for to be reviewed to avoid such tragedies.

In addition, another tanker explosion in northern Nigeria, near Majia, killed 94 people and injured around 50 others, according to police. The accident occurred when the truck driver lost control to avoid a collision. The situation escalated when local residents, attempting to collect the spilled fuel, pushed away police officers. Such incidents are frequent in Nigeria, where precarious road infrastructures and illegal fuel siphoning practices increase the risk of accidents and loss of life.

Meanwhile, the state of Kogi has been hit for the past month by severe flooding that has destroyed infrastructure, left nearly two million people homeless and ruined thousands of hectares of farmland. Despite the efforts of local authorities, the needs of those affected remain immense, and appeals for help are multiplying to avoid food shortages and epidemics, particularly of cholera. In response to this emergency, the UN has released $5 million for flood victims, in addition to funds already allocated by the Nigerian Humanitarian Fund to support displaced populations. These natural disasters are exacerbating the economic challenges facing the country, where inflation and food insecurity are gaining ground.

Nigeria's already fragile economic situation is worsening as poverty rates rise sharply. According to the World Bank, 56% of Nigerians now live below the poverty line, compared with 40.1% in 2018, a direct consequence of President Bola Ahmed Tinubu's economic reforms. By removing petrol subsidies and harmonizing naira exchange rates, petrol prices have tripled, with a recent 16% increase in October. This situation is causing growing discontent among the population, who are suffering from 30% inflation, while salaries remain unchanged.

Faced with this economic crisis, Nigeria's two main trade unions have decided to suspend their call for a national strike. This decision follows the government's announcement of measures to offset the soaring cost of living, in a context where inflation has reached 25%. By temporarily abandoning this mobilization, the unions hope that the new government initiatives will ease the economic burden that is weighing ever more heavily on the population.

Despite this economic crisis, Nigeria is seeking to strengthen its ties with international partners to stimulate growth. President Bola Tinubu will make a state visit to France in November to promote Nigerian companies and attract French investment. This move is part of a strategy to attract foreign capital by relying on major Nigerian companies, such as Dangote and AccessBank, which play a central role in this policy of economic diversification. By reducing its dependence on public subsidies, Nigeria hopes to strengthen its economic resilience while consolidating its image as an attractive destination for international investors.