Inflation is on the rise in Nigeria, and this is having a serious impact on the lives of everyday people. The cost of food, building materials, transportation and other essentials has skyrocketed in recent months, leaving many families struggling to make ends meet.
The situation is particularly difficult for those who are already living below the poverty line. They struggle to afford even the most basic necessities and face an uphill battle just to survive.
In this article, we will take a closer look at the social impact of inflation in Nigeria and explore how families cope in these difficult times.
The Current Inflation Rate in Nigeria and How It’s Affecting Families
Right now, the inflation rate in Nigeria is at an all-time high. Prices for food, building materials, transportation and other basic necessities are going through the roof. And this is having a devastating effect on families.
Parents are struggling to put food on the table, and many children are going to bed hungry. Families are being forced to live in cramped and unhealthy conditions because they can’t afford anything else.
Young people are finding it harder and harder to get jobs, and those with jobs are seeing their salaries eroded by runaway inflation. This is a crisis that is only going to get worse if something isn’t done soon.
The Cost of Food, Building Materials, and Transportation
The cost of food, building materials, and transportation has increased significantly in the past few years. Just take a look at this chart to see how prices have changed.
This is having a huge impact on families in Nigeria. Many people can no longer afford to put food on the table, and the cost of building or repairing a home has become prohibitive. Transportation costs are also skyrocketing, making it difficult for people to get to work or school.
The situation is desperate, and many families are struggling to survive. We need to do something to help them.
How Families Are Coping With the Rising Cost of Living
It’s hard to imagine how families cope with Nigeria’s ever-rising cost of living. Prices for food, building materials, transportation, and so many other essentials have gone through the roof. You can barely buy a loaf of bread for a dollar anymore.
And it’s not just the cost of goods that’s causing problems. The cost of living has increased dramatically, making it tough for families to make ends meet. Parents are working extra jobs, kids are dropping out of school to help at home, and everyone is struggling to get by.
It’s a tough situation, but hopefully, things will improve soon. In the meantime, we all must do what we can to help our families make it through these tough times.
The Impact of Inflation on Businesses in Nigeria
So, what’s the impact of inflation on businesses in Nigeria? In a word, it’s devastating. Just take a look at the cost of food, building materials, and transportation. They’ve all skyrocketed in price, leaving businesses struggling to stay afloat.
In addition to the high cost of goods, businesses are also dealing with a shortage of foreign currency. This has made importing the goods they need to run their operations difficult. And to make matters worse, the government has been slow to provide any relief or assistance.
All this is taking its toll on the business community, which is struggling to keep its head above water. Some businesses have even had to close their doors, leaving employees without jobs. It’s a sad state of affairs and one that needs to be addressed soon.
The Government’s Response to the Inflation Crisis
You may not know this, but Nigeria is currently in the grip of an inflation crisis. The cost of food, building materials, transportation, and just about everything else has been increasing at an alarming rate, putting a lot of strain on families.
The government has been trying to respond to the crisis, but it’s been challenging. They’ve been trying to control prices by imposing price controls, but that’s just led to shortages of goods and black markets.
People are starting to struggle to make ends meet. Parents have to choose between sending their kids to school and buying food, and many families are having to go without basics like water and electricity.
It’s a tough situation, and it doesn’t look like it will get better any time soon.
FAQs About Inflation in Nigeria
So, what do you need to know about inflation in Nigeria? Here are some of the most Frequently Asked Questions:
How is inflation calculated in Nigeria?
What causes inflation in Nigeria?
What are the effects of inflation in Nigeria?
How can families protect themselves from the effects of inflation in Nigeria?
We could go on, but we think these are some of the most important questions to answer. If you have any others, please let us know in the comments.
Some Comments from Nigerians
Ike Ibeabuchi, who manages a manufacturing outfit in Enugu, said he had had to reduce the size of his workforce to meet his workers’ salary obligations.
Reducing staff strength from 17 to 11 is not an easy decision, but the economy is not in a proper shape.”
The issue is also affecting traders and sellers.
A trader in foodstuff in Oyo State, Mrs. Fatima Edwards, said that the cost of food had taken a toll on her business as customers lamented the inconsistencies in price.
Business has been quite dull. My customers only buy their most pressing food products. These days, I have to frequently call my suppliers in that market to stay updated on the price changes.
Three days ago, I bought a pack of spaghetti for N8,000, today, my supplier told me it’s now N8,200. This is a product that I sold for N7000 last week.
Samson Udeh, who works in the private sector in Lagos, said with his N170,000 salary, he could hardly achieve anything other than food.
By the time I buy foodstuffs, all my salary will be gone, and I will become a beggar,” he said.
Except you are stealing, you cannot achieve anything with that salary,” he noted.
A civil servant working in the College of Medicine, University Teaching hospital, Ibadan, Mrs. Ajamu Bosede narrated her ordeal of living on a salary of N85,000 with expenses of over N100,000 monthly.
Formerly, before the minimum wage increase, my salary was 62,000 and I still made some little savings, but now, it is N85,000 after tax and pension have been removed. The balance is N75,000. In a month, feeding is over 100,000, transportation 2,000 daily.
All of these are without a house rent bill, and I will also take care of my health and my kids. It has not been easy, to be honest. The salary we are earning is just for transportation, it is not worth it at all.
Abu Halima, an Abuja-based civil servant, said;
Nigerian workers are challenged because sending our workers to school has become almost impossible.
Even in those schools, prices of items have risen so fast. We, the parents, are the ones bearing the burden.
Rents in Abuja, Lagos and other major cities in Nigeria are responding to the rising inflation. A two bed-room flat in Kubwa, Zuba, and Gwagwalada – which are classified as the middle- and lower-class areas –cost as high as N600,000 to N800,000 today.
In Lagos, the same size of flat in Oshodi, Ojuelegba, Ilasamaja, among others, also cost as much as N500 to N800,000.
Lynda Akagba, who lives in Karu, an urban area in Abuja, which is closely knit with Nasarawa State said;
My landlord has increased our house rent from N500, 000 to N700,000. My husband and I are salary earners and we are already disorganised.
Conclusion
Right now, it’s hard to imagine that things will get better. But they will.
The cost of food, transportation, and building materials has risen since Nigeria entered recession. Families are struggling to make ends meet.
But things won’t stay this way forever. Nigeria is a country full of hardworking people who are determined to improve their lives. We will get through this tough time and come out stronger than ever.
So please, don’t give up. Keep your head up and don’t lose faith. We will get through this together.
