Families in Nigeria are going through difficult times right now since they have been forced to take ludicrous steps to reduce expenses in order to deal with the current difficulties brought on by the sharp increase in the cost of goods and services.
Many of them bemoaned the fact that their salary was insufficient to cover their basic necessities and mentioned that the cost of necessities had nearly tripled in the market. The price of a bag of rice, which is likely one of the most widely used essentials in the nation, has increased to N77,000.
The National Bureau of Statistics reported in December that headline inflation increased to 28.9%, marking a 27-year high for the nation’s inflation rate.
Compared to the previous month, the headline inflation rate for December increased by 0.72 percent.
Food costs have increased in Nigeria in recent years. Government actions like the elimination of the gasoline subsidy and the unrestricted depreciation of the naira in the foreign exchange market caused the situation to worsen.
Major city food vendors who spoke with The Bureau Newspaper bemoaned the nearly 200 percent increase in price for a bag of rice.
According to information obtained by The Bureau Newspaper, long grain rice, which in November used to sell for between N45,000 and N50,000, is now over N70,000, placing a great deal of strain on customers.
People across the country are suffering as a result of the extraordinary rise in commodity prices, and some big city citizens have taken to the streets to voice their discontent.
People protested the suffering on the streets from Kano to Niger, Rivers to Osun.
For example, Suleja people in Niger State protested against the high cost of living in the nation on Wednesday by taking to the streets.
Two days prior, in the state capital of Minna, there had been a demonstration of a similar nature.
On Friday, the Organization of Labour insisted on starting an industrial action to express its dissatisfaction with the nation’s current economic situation.
People are still having to deal with the increase in commodity prices, even though the federal government has directed the distribution of grains and other goods to lessen the impact of the economic crisis nationwide.
Residents of Lagos bemoan
Speaking with one of our journalists, some Lagos residents bemoaned how difficult it had become for them to make ends meet due to the constant rise in food prices.
They were pleading with the authorities to step in before things went out of control at this point.
Mrs. Mede Orunmade, a mother of two, claimed that her family’s current circumstances had made life intolerable.
Orunmade claimed that it appeared as though the nation was at war and that food costs were constantly rising.
“It has been a hard time for me and my family,” the woman stated. For the previous eight months, the nation hasn’t been in a favorable situation. My family and I have been having trouble paying our electrical bills. Added to the fact that food prices are constantly rising, I’m not sure whether I will make it.
“My online business has shut down that I used to run. In Nigeria, business is not as profitable as it once was. All I’m trying to do is get by.
The price difference between a little container of noodles and N7,000 to N7,800 is shocking. In the past, we used to purchase it for anything from N1,900 to N2,000. The fact that a bag of rice’s price fluctuates practically every minute is startling.
Five months ago, a bag of rice would have cost about N49,000, but now it costs N68,000. My supplier reported that as of yesterday, Thursday, it had increased to N70,000. The cheapest item we used to purchase, garri, is now a paint bucket for N2,500. Before, it was N800.
Mr. Taiwo Babatunde, a father of four who also lives in Lagos, said he could no longer afford to feed his family the way he used to.
Her pain was become too great, so he requested the government to intervene on her behalf.
A homemaker going by the name Wunmi stated, “We need government assistance right now because everything is so difficult. The cost of a bag of beans has increased to N65,000, three times what it was previously. Additionally, a bag of rice now costs N70,000, and four litres of groundnut oil costs N8,400.
“This is becoming excessive.” We’re hoping the government will step in to assist us.
Additional research conducted by our correspondents showed that the price of a kilogramme of semovita has increased to N1,200 from N800 four months ago.
Additionally, the cost of a tin of beans went up from about N1,500 to N4,200.
Speaking with one of our correspondents at the Ibafo Market in Ogun State, a few women bemoaned the challenges they were having making purchases from the market with their little funds.
Mrs. Bamise Olaiya, a dealer, commented, “It’s just annoying how much the food costs.” I brought N8,000 to the market to purchase some food products, however since last week, the prices had gone up. I paid N1,200 for three parts of tomatoes and N1,000 for pepper just a week ago, but today I paid N4,200 for the same things. The cost of grinding pepper has also gone up from N200 to N300.
Companies having trouble: Traders
Entrepreneurs in a variety of industries are having a hard time getting by during these difficult times.
Mr. Damilola Olasunkanmi, a skincare consultant, claimed that the present state of the economy had nearly forced her out of business.
“I don’t receive as many clients as I formerly did. Sales are being negatively impacted by my consumers’ decision to prioritize other necessities like food and transportation over skincare purchases. With expenses continuing to rise, restocking has become an overwhelming undertaking, he said.
Similarly, Dr. Oluwafemi Ogunsakin, a dental therapist in charge of a private clinic in Iwo, Osun State, saw that patients had stopped coming to see him because of the increase in the cost of his services.
Mrs. Ore Ilerioluwa, a food retailer, bemoaned the fact that her business’s ability to remain open has been jeopardized by price increases.
“I buy groceries from the market in bulk and sell them in a small shop that I own at home,” she stated. However, I find it very difficult to purchase the things because of how much these daily price swings are affecting me.
“You know that I paid N13,000 for a carton of spaghetti three days ago, but I was told today that it was only worth N14,000?” Now, when you include in the additional cost for each one today, the prices will have increased once more by the time you get back.
You will therefore have to add additional funds. The price of a bag of beans used to be N70,000, but it is now N120,000. These days, people will buy anything for less. There is hunger in many families.
Sukurat Akanni, a different food vendor at the Magboro Market in the Obafemi-Owode Local Government Area of Ogun State, expressed dissatisfaction over the raised prices of numerous things.
Adeola Israel, another dealer, observed that the price of a paint rubber had gone up to N6,200, while a bag of brown beans was now N62,000.
She complained that her sales had decreased from what they had been in the past.
Government at issue: A’Ibom
Umo Eno, the governor of Akwa Ibom State, announced that his administration had completed plans to create a bulk purchasing agency in order to control food costs and make them affordable for the general public.
The announcement was made by the governor on Friday during the Nigerian Unity Conference 2024, which was held at the Ibom Hall in Uyo and was organized by the 10th Episcopal District of the Christian Methodist Episcopal Church under the theme “That We May be One.”
The announcement was made by the governor on Friday during the Nigerian Unity Conference 2024, which was held at the Ibom Hall in Uyo and was organized by the 10th Episcopal District of the Christian Methodist Episcopal Church under the theme “That We May be One.”
He announced that the state House of Assembly would soon receive a bill establishing the agency, giving it legal authority to intervene and stop the state’s rapidly rising food prices.
Kwara provides comfort care.
10,000 bags of 10 kg of rice were sent by the Kwara State government to labor unions so that their members may receive them.
Following a meeting with Governor AbdulRahman AbdulRazaq on Friday, the Chief Press Secretary revealed this to Governor Rafiu Ajakaye.
The state chairs of the Nigerian Labour Congress, Saheed Olayinka, and the Trade Union Congress, Joseph Meshach, praised the governor for his ongoing efforts to offer relief to the people of the state in their respective statements.
Locals in Anambra sigh
The rising prices of food goods in the state’s numerous markets, like as rice, beans, garri, tomatoes, onions, fruits, and others, are causing hardship for the people of Anambra State.
After speaking with locals and business owners on Saturday in the state capital of Awka as well as Onitsha, one of our journalists learned that the high price of goods was linked to the dollar’s increase in value, and that the circumstances also made people feel depressed and drove them to ration food.
Upon visiting the Onitsha Relief Market and the Awka Eke-Awka Market, it was seen that the price of a 50kg bag of imported rice had increased to N72,000 from N51,000 just a month prior. Iron bean bags were sold for N110,000, up from N89,000 a month earlier.
