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Runaway Inflation Hits Nigerian Consumers Hard

Nigeria is facing one of its worst cost of living crises in nearly 30 years. Inflation has hit record highs.

For the last 12 months, the price of food has been skyrocketing across Nigeria.

Consumers are being pushed to the brink by ever increasing costs. Increasing fuel prices, political changes and a weak currency are making it harder than ever to make ends meet.

Inflation is currently sitting at 28.92% (the last time it was that high was in 1996) and economists feel it is likely to carry on increasing in the months ahead.

Last year Nigerian President Bola Tinubu began some of the boldest reforms the country has experienced in decades including the scraping of a very popular fuel subsidy and purposely devaluing the currency. The aim of the reforms has been to spark economic growth but the country is experiencing growing pains as the changes hit home.

Higher Interest Rates

It is expected that the Central Bank of Nigeria will hike rates again in the near future to 22.75% under the direction of their new Central Bank Governor (the former one is currently out on bail but is facing 6 counts of fraud and corruption).


READ MORE: What is the Repo Rate?