Economic hardship in Nigeria has taken a toll on its citizens, with many struggling to make ends meet due to the galloping inflation. The National Bureau of Statistics (NBS) reported that Inflation stood at 40.01% in March 2024, up from 37.92% in February. This has led to a decrease in the purchasing power of Nigerians and has certainly made it difficult for them to afford basic necessities. Solomon Udoh, a 32-year-old Economics graduate, shared his struggles with the media. He stated that he has been unable to find employment despite applying to 13 companies. He has resorted to reaching out to former classmates and acquaintances for financial assistance. He said, “Not everyone responds positively, but many do. In the end, with ₦5000 from here and ₦2,000 from there, one can have a meal or two daily, although modest.”
This highlights the desperation and resilience of Nigerians in the face of economic hardship. Gbenga Johnson, a 29-year-old Biology graduate, echoed similar sentiments, saying that he has become a “beggar” despite his best efforts to find work. He relies on his parents and friends for financial support, saying, “Many of them are generous enough to send ₦5,000 to my account from time to time. That’s how I survive. But I tell you, it’s not easy. My friends think they are doing me big favours with these little sums. Actually, they are. But the cost of food is rising beyond these little sums daily. And for how long will friends continue to assist?” This shows the emotional toll of economic hardship on individuals and the strain it puts on relationships.
There are different ways of survival for the people.
It has been observed that some Nigerians have turned to Social Media influencers for financial support, spending hours online in the hopes of receiving largesse. David Kilanko, a hardworking Nigerian, described this phenomenon as “keypad warriors,” saying that these individuals spend money on data and time following influencers with the hope of receiving financial rewards. This highlights the creative ways Nigerians are finding to survive in a challenging economic environment. Another group of people have attached themselves to religious institutions, where they receive stipends as church workers.
Sarah Pelam, 25, shared that the church is also a place where people can receive alms from fellow worshipers or get links to work in firms. This shows the importance of community and faith in times of economic hardship. On the other hand, some individuals have chosen to do the bidding of big shots to make ends meet. Sarah Pelam noted that this has become a growing trend, with many young people seeking financial support from wealthy individuals. This raises concerns about exploitation and the widening wealth gap in Nigeria.
CBN is working to address the rise in prices.
The Central Bank of Nigeria (CBN) is working to combat inflation, with Acting Director, Banking Supervision, Dr. Adetona Adedeji, stating that the apex bank prioritizes tackling inflation over taming high unemployment. He said, “The ultimate objective is for us to combat inflation. This is exactly what the central bank is doing today. Whatever it takes to fight inflation, we are going to do that. It may have an impact in some areas.” This shows the government’s commitment to addressing the economic challenges facing Nigerians.
In addition, the CBN has implemented measures to reduce the money supply and curb inflation. These measures include increasing interest rates and implementing cash reserve requirements for banks. While these measures may have some impact on inflation, they also have the potential to increase the cost of borrowing and reduce economic growth. Also, the Nigerian government has been working to diversify the Economy and reduce its reliance on oil exports. This includes investing in agriculture, manufacturing, and other sectors. While these efforts are commendable, more needs to be done to address the root causes of economic hardship in Nigeria.
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Most importantly, the government needs to address the issue of unemployment, which is a major contributor to economic hardship. This can be done by investing in Education and training programs, as well as providing incentives for businesses to hire and invest in Nigeria. Additionally, the government needs to address the issue of corruption, which is a major obstacle to Economic Growth and development. In the meantime, Nigerians will continue to find ways to survive and thrive in a challenging economic environment.