'How am I going to feed my daughter?' Nigeria’s cost of living crisis
Margaret can no longer make ends meet as her monthly salary of €23 cannot cover the rent of the room she shares with her daughter. The cost of living in Nigeria is increasing by the day. The financial strain has forced two other for children to drop out of school. Every day we wake up and come to think that they come to think I’m going to feed my daughter, I’m going to cook, I’m going to send money to my children. In the village is very, very tough. Inflation in Nigeria top 33% in March, the highest is being since 1996. Shola is a fashion designer and is worried about losing customers. She uses imported fabrics that her suppliers purchase in dollars. The naira’s value has plummeted by 49%. So she has had to hike her own prices by 50%. Can imagine what you purchased for like 500 you’re purchasing for like 1000 to 1005. And you can’t just habitually just start increasing, increasing the cost of making an outfit. With a market of 220 million consumers, the Nigerian economy is now dominated by service and agriculture sectors. Many of its supplies are imported and the country needs a lot of foreign currency. But the rising cost of living can’t only be blamed on the weakening of the naira. Economists also point to the conflict effect on agriculture, as farmers and herdsmen continue to clash in central and northern Nigeria. We can have. Immediate salutary effects, if only the federal government of Nigeria is able to summon. The political will and the military capacity. To recapture the agricultural economy from the hands of the terrorists that have besieged it, the Nigerian government is hoping for a loan of $2.25 billion from the World Bank. More than 50% of this will be used to support social programs.