What goes up & never comes down?🤔
Hello Venturer,
Today, I remember how I used to engage my infantile mind with riddles while growing up. One of the most enigmatic riddles for me then, until I knew what the answer was, is "I am something. I go up and never come down. What am I?" The answer to this is 'age'. If I were to play the game today, I would have a different answer - Nigeria's inflation.
Presently, Nigerians are living with economic uncertainties as prices of commodities soar daily. The National Bureau of Statistics says Nigeria has had six consecutive months of increasing inflation, which puts the present inflation rate at 19.64, a 17-year high record.
In one of our stories for this issue of VA weekly, we explore why Nigeria's inflation defies gravity.
Adekunle Agbetiloye
Staff Writer.
What's new?
Why does Nigeria’s inflation defy gravity?
Three things are certain in Nigeria: death, taxes, and ever-rising inflation. The average Nigerian is unsure about several things—their power supply, safety, and even school resumption. But barely anyone doubts that the prices they see today will soon rise because the law of gravity—what goes up must come down—applies to everything but prices in Nigeria. Read more.
My Pivot Journal: Emmanuel Faith’s journey from Finance to the Human Resource space.
Emmanuel Faith is a man of many capabilities. He is an SDG 5 advocate and a TEDx speaker. He describes himself as a retired poet with a few chapbooks to his name. On the professional side, he has traversed the finance and tax industry and is presently the Human Resource Manager of Cowrywise (YC 18) – a rapidly budding fintech company in Africa. Read more.
Fidelity Bank is set to acquire Union Bank Uk.
Fidelity Bank Plc, a leading commercial bank in Nigeria, has announced its expansion into Europe with the proposed 100 per cent acquisition of Union Bank United Kingdom (UBUK) Plc. Read more.
Nigeria becomes South Korea’s top trade partner: Good or bad news?
South Korea has been on Nigeria’s bilateral trade list for a long time. Since both countries established diplomatic ties in February 1980, Nigeria has been one of Korea’s top export destinations. And from 2011 to date, bilateral trade volume between the two countries has exceeded $3 million. Read more.
WEI: Africa’s tech economy shows a bullish trend despite a surging inflation.
Startup funding in Africa has more than doubled in the first half of 2022 compared to last year. Although the continent has not recorded any new tech unicorns as of today, tech funding grew to $3.14 billion in the first six months of 2022 despite surging inflation and economic meltdowns. This reflects investors’ optimism about the potential of Africa’s digital economy. Read more.
Diversification and development key to fulfilling Africa’s potential.
Congo is one of the richest countries in the world in terms of important resources like cobalt and diamonds—the DRC remains one of the poorest countries on the planet. Now, the Congolese government has ambitious plans to turn the country into an African industrial hub with the launch of a far-reaching reform agenda. Read more.
Mobile money and Crypto - What will the future of Africa look like?
Africa could well be the next big frontier for cryptocurrencies. Many crypto owners reside in Africa. The success of mobile money in Africa could be why this is possible. Many users are already comfortable using digital payment solutions. Read more.
Our Weekly Collectibles
What’s next for the creator economy? Find out in House of personal brands.
What does economics have to do with sleep? Learn about things you always thought you knew (but didn’t) and things you never thought you wanted to know (but do) in Freakonomics.
So far, Africa has had 22 female heads of state. Find out why women's political participation is crucial to consolidate a flourishing democracy in Towards women's presidency in Africa.
Have you ever wondered how the Nigerian dish known as bitter leaf soup came about? Or how Nigerian food became a subject of appropriation? Find out in How African cuisines originated and developed over centuries.
#VANUGGET
Remember to stay safe!
