THE RISING COST OF LIVING IN NIGERIA: WHAT DOES THE FUTURE HOLD?

Chinaza NNANNA 

In recent times, there have been a constant increase in the prices of goods and services in Nigeria, with no suitable explanation for it. There have been increases in  basic amenities such as food, clothing, shelter, education, and health care, leaving citizens to struggle in order to make end’s meet. The constant increase in the cost of living has created a huge concern for Nigerians, as a lot of persons wonder what the future holds.

According to a Nigerian of modest means, Miss Dorcas Ugbegbe, “The cost of living in Nigeria is nothing to write home about. It is so high to the extent that people now control the way they eat, spend money, and rest. It has also shaped the financial realities of everyday life. Yes, it has affected me in so many ways, including housing, food, and healthcare. The government should invest in affordable housing, the government can reduce the burden of high rental costs, and provide families with more disposable income to meet other essential needs.”

A low income earner, Ann Imoagene, lamented that: “The cost of living in Nigeria is relatively high to the average Nigerian living in Nigeria because of the wages and salary they earn As a Nigerian living in Nigeria, I have been affected by the cost of living countless times. There should be more attention to salary increment as a way of helping the masses better care for themselves.”

While navigating the daily challenges of the high cost of living in Nigeria, a resident of Delta State, Mr. Joshua Ujearele expressed regrets over the challenging moments, saying: “the cost of living in Nigeria has been a significant concern for myself and also many citizens, especially in recent years. Rising prices for basic goods and services, coupled with inflation, have made it increasingly challenging for individuals and families to maintain their standard of living. For example, the cost of food items has risen drastically, affecting nutrition and food affecting my steady feeding.”

He continued: “Also, high transportation fares, owing to increased in the price of Premium Motor Spirit,  also known as fuel, have  affected daily commutes and logistics for my businesses. Some possible solutions that can reduce the high cost of living in Nigeria can be government policy, implementing effective economic policies that stabilise prices, and controlling inflation can help alleviate the burden on citizens. Also, investing in local agriculture can reduce dependency on imports, which often drives up prices due to exchange rate fluctuations. Also, infrastructure development, improving infrastructure, such as roads and transportation systems, can lower logistics costs and improve access to goods.”

A student of the University of Calabar (UNICAL), Miss Promise Eteng, complained that: “the cost of living has affected every Nigerian in one way or the other, to the point that stuff such as vegetables and other things that can easily be gotten from around us has increased, and the only form of explanation for it is that fuel is expensive. And I wonder, how has the price of fuel affected vegetables? 

According to Eteng, the high cost of living in Nigeria is on the high side. “How do people with kids cope if it is this hard for me who is single without a lot of responsibility?” 

She lamented further: “Let’s talk about data. There has been an increase in the price of data, but it does not last, and data is something you need and can not do without. To think of the fact that prices are going up but the quality and services are decreasing is bewildering. The cost of data itself is making it hard for me to save because unlike before when I would be able to set money aside for saving, now one bill or the other is already waiting for me mostly the fact that I have to buy data, and you have no other choice than to use the money.” 

In the same vein, a young entrepreneur, Miss Regina Wilson,  shared her challenges in a tough economy.  “Affording the basic human needs in Nigeria now is becoming almost impossible. Is it feeding? To feed now, one has to spend a lot. It only takes the rich to be comfortable in this country now. Every single thing in the market keeps going up every day, and it is no longer funny. Naira keeps depreciating, and that mates it difficult for traders to be stable with the prices of their products.

Given the litany of lamentations from Nigerians, the cost of living in Nigeria is on the high side, and that makes it difficult for people to cope. They believe that the government should at least reduce the cost of Premium Motor Spirit, also known as fuel, which is a major contributing factor to the unending rise in the cost of living.