By: Oluwatise Benson

According to the Oxford Dictionary, Inflation can be defined as the general rise in the prices of services and goods in a particular country (for this feature story, Nigeria), resulting in the fall in the value of money. Economics also makes us understand that it is the rate of price increase over a given period. This has suddenly become the harsh reality of many Nigerians across the country. As the cost of living continues to soar, citizens are forced to adjust to survive. From cutting non-essential expenses to taking side jobs to cope with the tough situation of the country. As inflation declines globally, Nigeria’s inflation rate rose from 28.92% to 29.90% between December 2023 and January 2024. This is the highest it has been in two decades.

You’re probably bored of the economics and figures talk already, let’s get into what affected citizens of Nigeria have to say and the certain adjustments that they’ve had to make because regardless of the cost of living, the work continues. The general manager of Diamond 88.7fm, Mr. Michael Abiodun Olanrewaju, lamented that 20,000 naira Premium Motor Spirit, PMS, popularly known as Petrol, which used to last him for more than a week, cannot get the job done anymore. 

Mr. Abiodun has had to rely on phone calls, social media, and text messages to get his marketing assignments done, which may not be convenient for an average Nigerian. The G.M said “20-25 thousand naira fuel that used to power my vehicle from my house to the office for a month, now costs not less than 75-85 thousand naira, that’s over 300% increase which has limited my movements” 

The general manager was not the only one who had something to say, a father of one and a sales representative, who prefers to be called Daddy Precious, also expressed his concern about the current state of things in the country saying “the inflation rate is affecting households, including mine, the little amount we make is what we use to rush what is the market and the highest bidder eventually wins.” While complaining, Daddy Precious also revealed some of the adjustments he’s had to make as a salesperson, “due to how expensive transportation is, I take a taxi or keke halfway then trek the rest.”

These are some of the adjustments working-class men like Mr. Abiodun & Daddy Precious have had to make, working 4-6 days a week and their income still isn’t enough to afford the things and life they want to live. 

“I have been able to do away with many things, like caring for extended family members,” The General Manager said. No, he’s not cruel, the economy is not just in support of that. “I have had to reduce the number of times I go for family bonding outings too,” he said, “I have had to prioritize; Food, Transport, and Healthcare over any other thing.” He also revealed that although he has no reason to take a side or freelance job cause of the nature of his present one, it requires his utmost attention.

It’s not just the working-class men and family men who had to make adjustments or have something to say, the youths and students have felt the effects of the harsh economy. Abdullahi Nurudeen opened up, saying “It affected my family in so many ways, especially in our food budget, we used to be able to afford 2 bags of rice but we’ve had to settle for half a bag and my potion of food has reduced drastically.” Boluwatife Oladele also felt the jaw-breaking cost of transportation, adding that even though she doesn’t blame the drivers, the cost of PMS “Now I to negotiate for the price before entering, which for me, rarely happens.” 

Regarding planning for the future, everyone I spoke to, said the same thing. “It is quite difficult to plan for the future, plan for existence first, it is when you’re able to exist that you can think of the future” Mr. Abiodun revealed, “it is difficult to save during times like these because it is through savings you plan for the future.” The sales representative, Daddy Precious, had the same thing to say, stressing that “The present isn’t guaranteed, the future will take care of itself.” 

Though inflation is the reality of many in Nigeria, her citizens are still holding on to the “Renewed Hope” they were promised. When making adjustments, seeking other sources of income to meet the standard, and adopting smart shopping habits, Nigerians will always find ways to survive.  As the economy continues to evolve, one thing is clear: citizens must remain adaptable and resourceful to weather the storm of inflation.

Edited by Joseph EMERIBE