For three years, Nigeria’s reform programme has rested on a difficult political bargain: households absorb short-term pain today in exchange for the promise of a more stable economy tomorrow.
That bargain is now under renewed strain.
Just as policymakers and investors were beginning to believe the worst of the adjustment phase had passed, inflation has started to edge upward again. The concern is not only that prices are rising, but that the reversal is arriving before most households have experienced meaningful relief from years of adjus
