Disheartening Inflation Crises in Nigeria Economy -By Mariam Hassan

“The high cost of living in Nigeria has made it nearly impossible for many families to put food on the table. The price of basic staples like rice, beans, and yams has increased by as much as 50% in recent months. Farmers are struggling to keep up with the high cost of inputs like fertilizer and seeds. And the supply chain is being strained by a decrease in investment and a lack of infrastructure. The result is a country where hunger is on the rise and many people are going without the food they need to survive.”

This impact of inflation has more effect on the most vulnerable populations in Nigeria. For example, women and children are often the most affected by food insecurity, as they have less access to resources and are more likely to go hungry. Inflation can also lead to an increase in child labor, as children are forced to work to help support their families. And inflation can also lead to a decrease in school enrollment, as families can no longer afford the cost of school fees. Imagine children of 8 to 18 years hawking on the street as a drop out due to the inability of parents affording high cost of school fees, the impact of inflation in Nigeria is clear. “For children like 8-year-old Blessing, She has dropped out of school and now works long hours selling vegetables at the market. For her family, the cost of school fees has become too much to bear. Blessing is one of the millions of children in Nigeria who are being forced to work to help support their families. This is just one of the many ways that inflation is impacting the most vulnerable populations in the country.”

The current inflation has led to an increase in malnutrition in Nigeria. The rising cost of food has made it difficult for families to afford a nutritious diet, leading to an increase in stunting and micronutrient deficiencies. Certainly! Malnutrition can have a devastating impact on children’s development. It can lead to poor cognitive development, delayed motor skills, and other health problems. In addition, malnutrition can have long-term effects on children’s health, including an increased risk of chronic diseases like diabetes and heart disease. This is a major concern in Nigeria, where one in four children is stunted due to malnutrition. The risk of future inflation in Nigeria is a major concern. There are a number of factors that could contribute to further inflation, including the country’s high dependence on imported food and fuel, the weak naira, and the increasing cost of living. These factors could lead to a vicious cycle of inflation, where the cost of goods continues to rise, further increasing the cost of living. The country’s dependence on imported food and fuel. Nigeria imports a large portion of its food and fuel, and this makes it vulnerable to price fluctuations in global markets. The rising cost of food and fuel on the global market can quickly be passed on to consumers in Nigeria, leading to increased inflation. Imagine the rate in which prices of commodities changes in the market like a camelion.

“Nigeria is facing a crisis of inflation, with prices of basic goods and services soaring and the value of the naira plummeting. The government is struggling to find solutions to this problem, which is threatening the country’s economic stability. The country’s dependence on oil and gas has left it vulnerable to global price fluctuations, and the naira’s weakness has made it difficult to import goods and services. In addition, businesses are struggling to cope with rising costs and regulations. Can the country find a way to turn the situation around?” One piece of advice that I would give to the Nigerian government is to focus on diversifying the economy away from oil and gas. As we discussed, the country’s dependence on these commodities has left it vulnerable to global price fluctuations. Diversifying the economy would help to reduce this vulnerability and make the country more resilient to economic shocks. I would also recommend that the government work to reduce the cost of doing business in the country by streamlining regulations and reducing red tape. This would make it easier for businesses to operate and create jobs. Another piece of advice that I would give is to strengthen the naira by implementing sound monetary and fiscal policies. One way to do this would be to reduce government spending and focus on building up foreign exchange reserves. In addition, the Central Bank of Nigeria could consider raising interest rates to attract foreign investment and boost the value of the naira. It could also work to reduce inflation by tightening monetary policy.

Maram Hassan writes from mass communication Department
Abubakar Tatari Ali Polytechnic Bauchi and can be reached via Gmail
hassanmariam1010@gmail.com