Survey shows 83% Nigerians struggle as living standards deteriorate compared with a year ago
By Jeph Ajobaju, Chief Copy Editor
More than 83 per cent of Nigerians are struggling more to afford food, housing, healthcare, and other life essentials this year compared with 2024, a survey report by Comercio Partners H2 Macroeconomic Outlook shows.
The report noted that Nigeria’s economic outlook is a tale of two realities – official metrics herald progress: inflation cools, unemployment shrinks, and Gross Domestic Produce (GDP) surges; yet citizens experience rising costs, stagnant incomes, and elusive opportunities, revealing a stark disparity.
“A substantial majority of respondents (94.3%) reported an increase in prices of regularly purchased goods and services, with 72.5% experiencing significant hikes,” said Ifeanyi Ubah, Comercio Head Investment Research, who presented the report in Lagos.
“Contrastingly, income changes have not kept pace, as only 37.5% of respondents reported increased salaries, while 48.2% reported no change and 14.3% reported salary decreases.
“Increased economic pressures have notably impacted the affordability of basic necessities, with 83% indicating greater difficulty in affording food, housing, and healthcare compared to the previous year.”
Four in 10 (43 per cent) respondents disagree with official inflation figures and nearly seven in 10 (69.6 per cent) consider government policy ineffective, while six in 10 (64.3 per cent) express optimism that their financial situation would significantly improve in the coming year.
Ubah added: “The survey’s grim insights, food insecurity, financial fragility, and policy disillusionment suggest that growth, as currently structured, is not a tide lifting all boats but a wave drowning many.
“For Nigeria to transcend this quagmire and avert immiserising growth, bold action is needed.
“Nigeria’s new reality holds promise, projects hold that we could have an economy of $13 trillion by 2056, but only if it bridges data and destiny. Without this, statistical triumphs will remain hollow, and growth will immiserise rather than empower, a cautionary tale for a nation at a crossroads.”
Read also:
Obi thanks supporters, directs birthday gifts to the poor and needy in society
