Following the removal of fuel subsidies, transport fares in Nigeria nearly doubled in June, escalating to 1,285 naira from 650 the previous month, representing a 120% increase YoY. July’s consumer price index data is anticipated to show annual CPI rising to 23.6% from June’s 22.8%. President Bola Tinubu declared a state of emergency and introduced a 500 bln naira initiative in August to enhance the food supply, reduce transportation expenses, and stimulate manufacturing. BofA expects that the removal of fuel subsidies could elevate the price index to around 30% by year’s end.