… as house rents, transport fares, and others surge
Like a leaking roof dripping persistently, eroding the joys of family life, the rising cost of living in Nigeria has become an unrelenting burden. Food inflation hit a staggering 39.84 percent in December 2024, according to the National Bureau of Statistics (NBS), with no respite in sight. Nigerians are grappling with skyrocketing rents, transport fares, and food prices, created by economic reforms introduced by President Bola Ahmed Tinubu’s administration. While these reforms, including the removal of fuel subsidies and the unification of exchange rates, were aimed at stabilising the economy long-term, they have plunged millions into poverty and diminished purchasing power.
“ The government must implement policies to regulate rents, stabilise food prices, and subsidise transportation.”
Housing: A growing crisis
For many families, housing costs have spiraled out of control. In cities like Lagos, Abuja, and Port Harcourt, landlords are exploiting the high demand for accommodation and limited supply. Rent hikes have become a common New Year “gift.” Benson Ehime, a father of three in Ilamoshe Estate, saw his rent soar from ₦900,000 to ₦1.5 million. “The hardship is too much and very disturbing,” he lamented.
Another Lagos resident, Bisi Babjide, shared her plight: “We had to sell our car at a giveaway price to pay our rent and ensure our son’s university admission was completed.” Her rent increased from ₦500,000 to ₦1.2 million, forcing drastic sacrifices. Similarly, Theresa Ephraim from Ijesha-Aguda said her family is considering moving their child from private to public school to cope with a rent hike from ₦450,000 to ₦1.3 million.
Many landlords acquired properties cheaply through government programs but now charge exorbitant rents, with no regulation in sight. Residents of former Lateef Jakande estates, originally intended for affordable housing, face sharp rent hikes despite the low-cost acquisition by their landlords.
Read also: Cost of living crisis, where is minimum wage?
Food: A daily struggle
Food prices have soared to unprecedented levels, driven by rising production costs, agricultural disruptions, and inflation. Staple items like rice, once a daily meal for many Nigerians, are now out of reach for the poor. At markets such as Abule Odu and Daleko in Lagos, a bag of rice costs ₦98,000 (foreign) or ₦88,000 (local). A crate of eggs now sells for ₦5,800, while a five-liter bottle of vegetable oil is ₦22,000.
“Foreign rice is almost out of reach for us here,” lamented Rosemary Agunsoye, a resident of Isheri-Oshun. Families are cutting back on essentials, and hunger is becoming a grim reality. The 2024 Global Report on Food Crises ranks Nigeria second globally in acute food insecurity, with over 24 million people classified as food insecure.
Transportation: A bleeding wallet
Transportation costs have become an unbearable weight on the shoulders of many Nigerians. The removal of fuel subsidies, intended to stabilize the economy, has instead led to an explosion in pump prices, which now range between ₦1,000 and ₦1,070 per liter. These increases ripple through every aspect of daily life, from the cost of food to the affordability of essential services, leaving commuters and businesses alike struggling to cope. Clement Okafor, a father striving to secure his son’s education, spent a staggering ₦60,000 for a trip to the University of Nigeria, Nsukka, only for the school to shut down after just two exams—an ordeal that left him frustrated and disheartened.
Mary James, who once paid half the current fare for a journey from Lagos to Asaba, was left speechless when asked to cough up ₦40,000 for the same trip, a reflection of how transportation costs have spiralled beyond the reach of many. Public servants like Adekunle Olusola face an even grimmer reality. Commuting daily from Jakande Estate to Ikoyi, Olusola now spends ₦84,000 monthly on transportation, a figure that swallows a significant portion of his salary. “This is suicidal,” he lamented, as his hard-earned income is eroded by fares that leave little room for other essentials.
The cascading effects of these transportation costs are devastating, affecting not only individuals but entire families. For those living pay cheque to pay cheque, the situation is unsustainable, pushing them further into financial hardship and forcing difficult sacrifices.
Read also: Cost of living crisis: Nigeria ranked 5th hardest hit African country
Inflation: A persistent threat
Nigeria’s inflation rate rose to 34.6 percent in November 2024, the highest since the return to democracy in 1999. Basic items like bread and milk have doubled or even tripled in price over the past year, while incomes remain stagnant. The price of a loaf of bread that sold for ₦700 last year now costs up to ₦1,500. Real GDP growth has averaged just 1.4 percent over the past eight years, a sharp decline from the 6.5 percent growth seen in earlier decades.
The World Bank reports that 129 million Nigerians are now classified as poor, a dramatic increase from 104 million in 2023. The ongoing Russia-Ukraine war has compounded global supply chain disruptions, further escalating costs.
A nation’s plight
The cost-of-living crisis is more than an economic issue; it is a profound social crisis that erodes trust in governance and widens the chasm of inequality. For Nigeria’s most vulnerable, the consequences are dire. Children, already bearing the brunt of widespread poverty, are increasingly facing malnutrition that stunts their growth and compromises their future potential. Schools that should be safe havens for learning have become out of reach for many, as parents struggle to prioritise survival over education.
Low-income families are cornered into making heartbreaking decisions—choosing between meals and medication or between keeping a roof over their heads and sending their children to school. The recent stampedes at overcrowded aid distribution centres, which tragically claimed over 50 lives in December 2024, starkly highlight the desperation simmering across the country. This desperation is not merely about scarcity but about the human toll of a system that fails to provide even the most basic safety nets.
The way forward
Addressing this crisis requires urgent and coordinated action. The government must implement policies to regulate rents, stabilise food prices, and subsidise transportation. Public-private partnerships can help increase housing supply and improve agricultural productivity. Additionally, social safety nets must be expanded to cushion the most vulnerable from the worst effects of inflation.
While the Tinubu administration’s reforms aim to stabilise the economy in the long term, immediate measures are needed to alleviate the suffering of millions of Nigerians. Without decisive action, the cost-of-living crisis risks becoming a full-blown social catastrophe, further undermining the nation’s fragile stability.
The question remains: will relief come in time to restore hope to Nigeria’s weary citizens?
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