Baruga James, a 44-year-old fisherman with a family of four, has lived in the swampy environment of Makoko all his life. Each day, he wakes up not knowing how he will feed his children.
“I am a fisherman,” he says, “but the meagre income from fishing is no longer sustainable. Things are too expensive. Sometimes, I fish for hours, even overnight, in the deep sea, yet the money I make doesn’t buy as much as it used to.”
Baruga used to be happy as a fisherman. He could feed his family and send his children to school. But now, it’s very hard. He wonders how long he must wait for people to come and give his community, the Makoko residents, food and gifts for survival. A happy man turns unhappy amid the rising cost of food.
“As the non-vulnerable become vulnerable, what then happens to those already struggling? It’s a question that remains unanswered, despite the desperate cries of the nation.”
Ahmed Kazeem, a young man living in the Shomolu area, speaks with passionate frustration: “Honestly, it is sad we found ourselves at this crossroads. I work in a bank and earn over N250,000 monthly, but I spend N180,000 on food and transport alone in a month.
This doesn’t even include my wife’s expenses and other costs. It’s disheartening to see that I can’t save anymore; I’m just trying to survive. My living standard has dropped significantly, and the hardship is too much. The worst part is, there’s no solution in sight.”
Sadly, this is a very tough period for Nigerians. Everyone is feeling the pinch of hardship. As the non-vulnerable become vulnerable, what then happens to those already struggling? It’s a question that remains unanswered, despite the desperate cries of the nation.
According to World Bank projections, about 40.7 percent of Nigerians are estimated to live below the international poverty line by the end of 2024. Key factors driving these dire projections include the removal of the petrol subsidy, loose monetary policy, and naira depreciation.
The ripple effects of these policies have been relentless, pushing the inflation rate to a staggering 34.19 percent—the highest since March 1996. This record-breaking inflation is driven predominantly by food costs, which have soared to 40.87 percent.
Read also: Food prices edge Nigeria inflation to 34. 19%
The escalating costs of transporting farm produce, coupled with severe security challenges in food-producing areas, have only exacerbated the situation.
This situation paints a bleak picture for millions of Nigerians struggling to survive amid skyrocketing prices and a deteriorating economy.
According to the National Bureau of Statistics (NBS), core inflation (which excludes volatile items such as food and energy) also saw a significant rise, hitting 29.5 percent in June 2024. This increase is attributed to higher import costs and the pass-through effect of exchange rate depreciation.
Although Yemi Cardoso, the governor of the Central Bank of Nigeria (CBN), has shown resilience in tackling stubborn inflation, the situation remains unrelenting. Despite various efforts, including increasing the Monetary Policy Rate (MPR) by 800 basis points in 2024 alone, with the most recent hike of 50 basis points bringing the MPR to 26.75 percent, the economic situation continues to deteriorate. This leaves many Nigerians wondering how to navigate these difficult times.
In the face of seemingly insurmountable challenges pushing millions of Nigerians into poverty, there is an ongoing campaign for a nationwide protest set for August 1st, 2024. Among their demands is an end to bad governance, which they blame for the nation’s hardship and hunger.
Many analysts support the protest, stating that the hardship is unbearable and shows no signs of abating. They argue that people are becoming beggars, and even those who once gave are now tending towards begging—a sad reality of the true economic climate.
The cost of food has become unaffordable. A market survey by BusinessDay at Mushin, Oyigbo, and Bariga markets in Lagos State reveals that a large, medium, and small tuber of yam now costs an average of N10,000, N4,500, and N3,500, respectively. Meanwhile, a crate of eggs averages between N4,500 and N4,700. Beans are out of reach, rice is prohibitively expensive, and Garri is a luxury—staple foods for the vulnerable have now become unattainable.
On the other hand, some analysts oppose the protest, claiming it serves the political interests of unknown sponsors. They warn that allowing the protest might lead to more economic woes, citing the End SARS protests and the situation in Kenya as examples.
Joe Ajaero, the NLC President, expressed his concern that as more people join the labour market daily, the risk of angry and hungry mouths could increase the level of insecurity in the country. “Nigerians have been hard pushed and pressed right against the walls of deep deprivation and acute want,” he stated.
As the date for the national protest approaches, the NLC calls on President Tinubu to invite the protest leaders for discussions on their grievances. Ajaero emphasised the need for this dialogue to prevent a repeat of the End SARS experience, which left many homes with bitter and unforgettable memories.
He noted that millions of Nigerians are angry about the state of the national economy. “When most Nigerian families are forced to eat one miserable meal a day, and eating from the dustbin is now seen as a luxury, it calls for serious government intervention,” Ajaero said.
He highlighted the difficulty of advising patience to those suffering from the current economic downturn. “It is very tough to tell a Nigerian who has lost their job to maintain their cool.
It is a herculean task to ask a nursing mother, unsure of her next meal, to be at ease. It is almost impossible to demand patience from a youth who has been out of school for six years without a job and has aged parents to care for.”
Ajaero insisted that during these difficult times, the right of Nigerians to complain must be fully respected. “The Organised Labour movement, led by the NLC, has recently protested against the suffering brought about by harsh economic policies, including the astronomical hike in the price of refined petroleum products,” he added.
At this critical juncture, we must ask ourselves: How can policymakers, community leaders, and citizens come together to address this crisis? What strategies can be implemented to ensure that no one goes to bed hungry?
Yayah Kareem, a human rights activist, says one immediate solution is to open the borders at zero cost for all staple foods, with strict regulations to monitor market prices and prevent price gouging. While this can temporarily alleviate the food crisis, a comprehensive solution requires addressing the root cause: insecurity.
A robust strategy would involve restructuring the security forces, rotating northern force heads to the east, eastern heads to the south, and southern heads to the west. This would help combat regional biases and enhance effectiveness in tackling insecurity disrupting the food supply chain.
Additionally, strengthening agricultural support systems can increase local food production, reducing reliance on expensive imports. Coupled with targeted social welfare programmes, these measures can provide financial assistance and essential services to vulnerable populations, paving the way for a more stable and equitable future for all Nigerians.
Oluwatobi Ojabello, senior economic analyst at BusinessDay, holds a BSc and an MSc in Economics as well as a PhD (in view) in Economics (Covenant, Ota).
