According to official statistics released on Friday, Nigeria’s inflation rate increased for the second consecutive month in October, rising to 33.88% in annual terms from 32.70% in September, mostly as a result of increasing food costs.

In an attempt to boost economic development and strengthen public finances, President Bola Tinubu devalued the naira and reduced subsidies, which caused inflation to spike in the second half of last year.

As the effects of the naira devaluation started to lessen in July of this year, a slew of hikes in the price of petroleum and devastating floods that destroyed crops once again exacerbated pricing pressures, making the greatest cost-of-living crisis in decades worse in Africa’s most populous country.

According to the National Bureau of Statistics, price increases for basics such as rice, maize, bread, potatoes, and cooking oil prompted food inflation to surge from 37.77% in October to 39.16% year over year.

This year, more than 1.5 million hectares of agriculture have been damaged by torrential rain and floods in 29 of Nigeria’s 36 states, leaving millions hungry and displacing large numbers of people.

In an effort to curb inflation, the central bank has raised interest rates five times this year. On November 26, it is expected to make its final rate decision of the year.

Diplomatic sources cited in a local report have claimed that global investors are interested in Nigeria’s mining sector reforms under President Bola Tinubu’s government to unleash $700 billion in undiscovered mineral riches.

The Nigerian solid minerals sector sought $500m in foreign investment during a four-day mining investment roadshow in South Africa last week.

At the Sandton Convention Centre in Johannesburg, Nigeria’s High Commission and Rosebank Capital hosted an event for investors interested in Nigeria’s gold, tantalite, limestone, and lithium deposits.

“We know that several ambassadors from Western and African countries have sent diplomatic notes back to their capitals, questioning why Chinese firms should be the only ones benefiting from Nigeria’s vast solid mineral reserves,” a source in Abuja, who pleaded anonymity, said in a note to The PUNCH.

“These ambassadors are citing the steady pace and substance of the reforms in Nigeria’s mining sector over the past year.”

Minister of Solid Minerals Development Dele Alake oversaw the measures to diversify Nigeria’s economy and minimise oil reliance. President Tinubu has tasked Alake with promoting this agenda because of his experience and dedication to outcomes.

At the occasion, Alake urged South African investors and global mining companies to take advantage of Nigeria’s mining sector reforms and better business climate.

According to sources, the World Bank has expanded assistance for these changes since their pace and breadth correspond with its recommendations for economic stability and diversification, which highlight lowering Nigeria’s oil dependence.

Over the next decade, Nigeria’s mining sector may add $25bn to the GDP and create over three million jobs, according to experts.

The Nigerian government sees solid minerals as a means to diversify the economy and improve foreign profits. As part of this strategy, President Tinubu allegedly recruited loyal friend Alake to head sector restructuring.

Nigeria’s mining sector might become a major economic engine with these changes and investment possibilities. The country wants Glencore, Rio Tinto, Intro-Africa Mining & Exploration, and Rainbow Mines to identify its significant mineral riches and work with them to boost economic growth.