Conversations around Inflation have been prominent across the country.
This has sparked a large range of concern amid uncertainties. WikkiTimes spoke to residents of Abuja, to understand the impact of the crisis on their well-being.
Sayyada, a lactating mother told WikkiTimes that breastfeeding her child has become a herculean task.
“There is no enough breast milk for my baby because I don’t feed well” she told WikkiTimes in Abuja.
Saddaya whose daughter is seven-months old relies on begging in the streets of Abuja. She fears that absence of help will expose her daughter to malnutrition and other diseases.
Nigeria’s position as the 109th on the Global Hunger Index in 2023 shows the severity of hunger in the country.
The current inflation trends may worsen hunger levels, prompting shifts in consumer behavior as people prioritize essential needs over discretionary spending.
Despite the hardships, Nigerians are striving to endure these trying times.
Abdulrahman Muhammad, a Central Bank employee, emphasized the importance of financial stability and warned against artificial scarcity created by business owners, alongside the necessity of effective government policies beyond mere price controls.
“There is every possibility that prices will not just stay high for long but will keep surging higher, the only option is to have multiple sources of income,” said Abdulrahman.
Agagbe Kelvin, who is presently unemployed, shared his experience, stating that he relies” on God” for survival, a common approach among many Nigerians facing similar circumstances. Kelvin highlighted that his primary needs revolve around food and transportation. He emphasized the shift in dietary habits, noting that staple foods like rice have become more prevalent, replacing previously consumed items such as pastas and noodles which are now very expensive.
The impact of inflation is felt across various socioeconomic groups, including low-income earners, the unemployed, and retirees. While the unemployed face significant challenges, there are fears by respondents who spoke to WikkiTimes that these sets of persons may resort to undesirable means of survival, such as theft targeting higher-income individuals.
This shows that inflation affects everyone in many ways. Asides from the unemployed, low-income earners and persons with disabilities also find it difficult to adjust to the situation of the economy.
Mallam Mustapha a PWD who says he now earns not more than 3,000 NGN daily which is barely enough for him to feed his family, he also lamented on how he was unable to save money anymore and he wished the federal government could bring back fuel subsidy as he attributed the inflation to the removal of fuel subsidy.
The rise in inflation has caused a noticeable shift in consumer behavior. People are becoming more cautious with their spending and are not purchasing goods at the same rate as before. As a result, businesses are experiencing a decline in sales, which has significant ramifications for the overall economy. This decrease in consumer spending puts pressure on businesses to adapt their strategies and may lead to challenges such as reduced profits, layoffs, and even closures.
Chinedu Eze, a wholesale store owner expressed his frustration regarding the price increments he finds himself purchasing new goods with both his initial capital and profits.
This situation has forced him to operate his business at a loss, posing significant challenges to his financial stability and the sustainability of his business.
Consequently, the economy as a whole is adversely affected by this change in consumer behavior.
Economist Sunday Olubiyi offers insights into the underlying structural issues contributing to inflation. He points to Nigeria’s heavy reliance on oil revenue and inadequate domestic production as key factors. Olubiyi advocates for robust government intervention to mitigate the adverse effects of inflation on the populace, emphasizing the need for proactive measures to address systemic vulnerabilities.
The rising inflation in Nigeria is generating widespread anxiety and frustration among citizens, necessitating comprehensive and sustained efforts from both governmental and non-governmental stakeholders to alleviate economic hardships and foster resilience within the population.
