The cost of living crisis in African economies continues to bite. In response, President Bola Tinubu of Nigeria yesterday instructed the release of 42,000 metric tonnes of grains, including maize, millet, and garri from the country’s strategic reserves. The country’s rice miller association also committed to releasing 60,000 metric tonnes to the market to drive down the rising costs of food. It comes as two of the country’s labour unions the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) plans another strike, giving the government 14-day ultimatum. In Egypt, starting March 2024, the country’s minimum wage will go up by 50% to 6,000 Egyptian Pounds, nearly US $200. It compares favourably with Nigeria with a minimum wage of about US $30.
