The prices of food items and the cost of living in Nigeria are surging at their quickest pace in almost thirty years. Amidst global economic strains, President Bola Tinubu's elimination of the fuel subsidy and the devaluation of the naira have intensified the inflation dilemma.
The cost of a standard 50kg bag of rice, a crucial staple for families in Nigeria, has skyrocketed to ₦77,000 ($53; £41) in just over a month, showing a staggering 70% increase since last year. This surge far surpasses the average monthly income of many Nigerians, exacerbating financial strains across the country.
Markets, notably in Lagos, Nigeria's primary commercial center, now witness subdued activity, with weary faces mirroring the challenging economic climate. The once-vibrant markets are now scenes of traders and buyers alike grappling with inflated prices and diminishing sales.
Traders have voiced their discontent, highlighting the unsustainable price hikes that have adversely impacted their businesses. Some have been compelled to shut down due to the lack of customers. "How many people do you see buying today? The market is empty because there's no money, and food prices are too high," lamented one trader.
Buyers are also feeling the pinch, with one shopper expressing, "We just buy whatever our money can afford. It's no longer about cutting your coat according to your size, but according to the available material." The surge in the cost of living has incited protests in various states, as citizens call for immediate remedies to the escalating economic crisis.
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