The rising cost of living in Nigeria is a harsh reality biting deep into the pockets and aspirations of everyday citizens. Food prices soaring like eagles to accommodation costs out of reach for many, the dream of a secure and comfortable life seems increasingly distant.
BusinessDay’s monthly TalkExchange poll reveals a stark picture, 100% of respondents are dissatisfied with the current cost of food, and 75% believe the government isn’t doing enough to address the issue.
“As a graduate looking for job I can’t afford a room and parlour self contained in Ibadan at Bashorun areas, talk less of moving to Lagos to look for the same accommodation at Costain close to Ijora, where I think I can see a better opportunity for job,” a respondent said.
The impact is not just on immediate needs, but on long-term plans and aspirations. Another respondent, who is struggling, highlights the difficulty of even securing basic accommodation in high-opportunity areas.
“It is affecting my savings ability and negatively impacted my dream of marrying and building a house,” another respondent said.
This stifles upward mobility and reinforces a sense of stagnation for many young Nigerians.
While the poll shows a divided opinion on whether Christmas is looking better than last year (75% say yes, 25% say no), it’s clear that the overall economic climate is casting a long shadow over festive cheer.
So, what should the Nigerian government prioritise to ease the burden? Our poll suggests increasing subsidies for essential goods like food and fuel and promoting job creation and economic growth to boost household incomes (75%). Immediate relief through reducing taxes on essential goods (25%), Implementing a price control mechanism for essential goods, and Investing in infrastructure development to supercharge supply chains.
Nigerians are resilient, but the rising cost of living is testing their limits. The government must act with urgency and vision to create an environment where dreams don’t get squeezed out of existence by the harsh realities of everyday life. Investing in infrastructure, encouraging economic growth, and providing opportunities for all Nigerians are not only economic imperatives but also critical steps towards a future in which everyone may thrive rather than just survive.
This is not just a matter of statistics and polls, it’s about the hopes and dreams of millions of Nigerians who deserve a chance to build a better future for themselves and their families.
