Nigerians Struggle Amidst Soaring Inflation, Exorbitant Cost of Living

The escalating cost of living in Nigeria is causing widespread distress as inflation reaches unprecedented levels, despite ongoing efforts by authorities to stabilize the currency and review wages.

A market survey in Minna, Niger State, reveals that many essential items, including food and housing, are now unaffordable for millions of Nigerians.

Record Inflation

In April, Nigeria’s inflation rate soared to 33.69%, the highest since 1999, according to the National Bureau of Statistics (NBS). This marks the 11th consecutive increase during President Bola Tinubu’s administration, with a 0.49% rise from March.

Food, non-alcoholic beverages, housing, utilities, clothing, and transportation prices have significantly increased. Food inflation reached 40.53% in March, with Kogi, Kwara, and Ondo states experiencing the highest rates.

Urban inflation hit 36.00% while rural inflation stood at 31.64% in April. A PREMIUM TIMES survey in Minna shows that the cost of a “mudu” (bowl measure) of rice rose from N1,200 to N1,900, and beans from N800 to N1,700 in just one month. Millet prices also surged from N350 to N900-N950 per mudu.

Rising Prices Hit Residents Hard

Halima Abubakar, a teacher in Minna, expressed frustration over her stagnant salary. “A teacher’s salary is so small that it doesn’t cover one’s needs,” she said, highlighting the rapid increase in food prices.

Leonard Ogwezi, a building materials dealer, struggles to maintain his business. “Inconsistency in prices causes losses,” he said. “I normally buy three bags of nails, but now it’s two.”

Abubakar Kuta, a civil servant, noted the drastic rise in rice prices from N7,000 to N23,000 for ten measures. High transportation costs have also limited his travel to his hometown.

Nigerian Workers Demand Wage Review

Despite hyper-inflation, Nigerian workers have seen no wage increase. Social media user Evans Emmanuel criticized the government’s proposed minimum wage of N48,000 as inadequate. “The Federal government should be concerned with their own workers first,” he said.

Students like Eniola Brown from the University of Ilorin also feel the pinch. “What used to cost N150 now demands N300,” she said. Brown, who runs a small business, added that low sales and customer demands for refunds due to sudden price hikes have hurt her financially.

Regional Food Crisis Looms

A Cadre Harmonisé (CH) report warns that 52 million people in West and Central Africa face food insecurity from June to August, with 31.8 million in Nigeria at risk of hunger and malnutrition. The northern states of Sokoto and Zamfara are particularly affected, with over 15% of children suffering acute malnutrition.

Calls for Economic Diversification

Samuel Nzekwe, former president of the Association of National Accountants of Nigeria (ANAN), urges economic diversification to combat inflation. “Reducing reliance on oil and enhancing other sectors can help curb inflation and stabilize the Naira,” he said.

Experts stress that improving security and increasing food production could lead to exports and earn foreign exchange, thus reducing inflation.