“This disheartening reality highlights the fact that the average Nigerian is still far from experiencing any real economic relief.”
Nigeria’s latest economic indicators present a mixed picture that should give its leaders pause. Inflation has edged down slightly, from 34.19 percent to 33.40 percent in July, with food inflation dipping from 40.87 percent to 39.53 percent, according to the National Bureau of Statistics (NBS).
At the same time, the country’s GDP has seen a boost, rising to 3.19 percent in the second quarter of 2024, up from 2.98 percent in the first quarter of the same year. This growth rate is quicker than the 2.51 percent recorded in the second quarter of 2023.
But for many Nigerians, these numbers do little to ease the daily struggle to put food on the table. The disconnect between statistical improvements and the harsh realities faced by ordinary people is stark and troubling.
The slight dip in inflation might appear as a beacon of hope, yet it does little to alleviate the financial pressures weighing down on ordinary Nigerians. Despite the reported decrease, the prices of essential goods remain out of reach for many.
Basic food items, which have seen a marginal drop in inflation, still cost more than most can afford. This disheartening reality highlights the fact that the average Nigerian is still far from experiencing any real economic relief.
The modest improvements in inflation have not translated into a better quality of life, which remains a significant concern as the cost of living continues to soar.
What’s more, the government’s failure to release updated unemployment data since the fourth quarter of 2023 raises serious concerns. Without these figures, it’s impossible to determine whether the growth in GDP is creating jobs or whether it’s a case of “jobless growth,” where the economy expands without generating new employment opportunities.
Based on past trends, the latter seems increasingly likely. This would mean that Nigeria’s economic recovery is leaving many behind, widening the gap between the haves and the nots.
The absence of recent unemployment data only adds to the uncertainty. In a country where the unemployment rate was alarmingly high in the last reported period, the lack of updated information hampers any meaningful assessment of the economy’s health.
This gap in data not only obscures the true state of employment but also raises the question: is Nigeria’s economic growth truly inclusive? If growth does not translate into job creation, then the economic gains are hollow, benefiting only a small portion of the population while leaving the majority to fend for themselves.
The warning signs are clear. Even as inflation numbers improve slightly, the cost of living remains prohibitively high. Prices for basic goods like food continue to strain household budgets, and the recent reduction in inflation has yet to translate into any meaningful relief for most people.
With the festive season approaching, when prices traditionally surge due to higher demand, there is real concern that essential foods like rice and beans—already expensive—could become unattainable for many families.
Moreover, the festive season, typically marked by joy and celebration, could become a period of anxiety and deprivation for millions of Nigerians. As December approaches, the increased demand for food and other essentials will likely drive prices even higher, exacerbating the existing economic strain.
For many, the prospect of not being able to afford even the most basic holiday meals is a distressing reality. This impending crisis underscores the urgency of implementing effective measures to curb rising costs and ensure that the festive season does not deepen the hunger and hardship already being felt across the country.
The Nigerian government needs to take immediate action. The rising GDP is cold comfort to those who are hungry. More must be done to ensure that economic growth benefits everyone, not just the fortunate few. This includes creating jobs, controlling prices, and providing targeted support to the most vulnerable.
As the December period looms, with its inevitable price hikes, the government must intensify its efforts to ensure that Nigerians are not left facing even greater hardship. The message from the streets is clear: “Ebi npawa ooo” (We are hungry). The time to act is now!!!
This is a crucial moment for Nigeria. The government must recognise that economic growth, without corresponding improvements in living conditions, rings hollow. To bridge the widening gap between economic statistics and reality, Nigeria’s leaders must prioritise policies that not only foster growth but also ensure that its benefits are felt by all. The stakes are high, and the time for decisive action is now.
