Tackling the soaring cost of living in Nigeria

One of the most pressing issues troubling Nigerians amid the current economic hardship is the soaring cost of living. Prices of essential goods, including food, housing, and transportation, have skyrocketed, leaving many families unable to meet their basic needs. Inflation has eroded purchasing power, and unemployment remains high, compounding the struggles of households. The situation has pushed many into poverty, forcing some to rely on unsustainable debts or charity to survive.

This economic strain stems from various factors, including poor policy implementation, over-reliance on imports, a weak naira, and limited industrial output. The effects are far-reaching, affecting not just individual households but also small businesses that are the backbone of the economy.

To address this, the government must prioritise robust and immediate economic reforms. First, revamping agricultural policies to boost local food production will reduce dependence on imports and stabilise food prices. Subsidising farmers with access to seeds, fertilisers, and modern equipment can significantly enhance productivity. 

Second, policies that attract investments into manufacturing and technology sectors can create jobs and stimulate economic growth. Providing tax incentives and improving infrastructure to support local industries will reduce reliance on imports and strengthen the naira.

Additionally, financial literacy programmes should be launched to help citizens manage their limited resources more effectively. Affordable housing schemes and improved public transportation can also ease the burden on families.

Finally, transparent governance and accountability are critical. Funds allocated for economic recovery must reach their intended beneficiaries, and leakages through corruption must be plugged. With collective efforts from both leaders and citizens, Nigeria can navigate this crisis and emerge stronger.

Amiru Lawal Balarabe, Department of Business Administration Federal University, Gusau