The rising cost of living has deeply impacted the daily lives of many Nigerians, with increased hardships particularly in acquiring essential food items. According to the World Bank, Nigeria witnessed four million people falling into poverty due to accelerating inflation in the first five months of 2023, further exacerbating the economic struggles faced by the population.
The government has made commitments such as raising the country’s minimum wage and initiating plans to alleviate transportation costs, but the impact on the well-being of Nigerians remains inadequate. Dr. Uju Ogunbunka, President of the Bank Customers’ Association of Nigeria, emphasized the adverse effects of stagnant disposable income alongside soaring prices of goods and services, leading to a challenging financial situation for many individuals.
Former President of the Chartered Institute of Bankers of Nigeria, Mazi Okechukwu Unegbu, highlighted the severity of the situation, citing a substantial increase in food inflation and emphasizing the need for the government to focus on production and employment generation. Similarly, renowned economist Prof Segun Ajibola emphasized the urgency in addressing agricultural challenges to ensure food security and mitigate the impact of rising inflation on the population.
The CEO of SD & D Capital Management, Mr. Idakolo Gbolade, stressed the need for swift economic interventions by the government to counter the adverse impact of inflation on citizens, including measures to strengthen the currency and implement effective agricultural policies to stabilize food prices and alleviate endemic poverty.
The grievances and challenges faced by the Nigerian population due to rising inflation underscore a critical need for comprehensive and timely interventions to address the economic hardships and ensure the well-being of the people.