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NIGERIA: The Giant of Africa with Giant Inflation Crises

By Abdulrazaq Kamaldeen

The ongoing crisis in Nigeria has cast a shadow over the once vibrant landscape, where children delighted in moonlit nights and eagerly awaited folktales from their elders. Now, their smiles have faded, and the usual sounds of nature have quieted. The populace is gripped by adversity, facing hardships with each passing moment.

In recent years, already, food prices have surged across the country, now complicated again by President Tinubu’s decision to end fuel subsidies. The food inflation soared to 35.41in January 2024, marking an alarming increase of 11.10 percent points compared to the rate recorded in January 2023 (24.32 percent).

Inflation in Nigeria rages on like an uncontrollable blaze in the dry Harmattan season, wreaking havoc on the lives of the impoverished. Necessities have been unattainable for many, as households struggle to provide shelter and sustenance.

Presently, a bag of rice commands a staggering 66,000 naira, with even a single cup priced at N200 or more. There seems to be no respite in sight, as prices continue to spiral upward, leaving hardworking individuals feeling powerless in the face of relentless inflation.

I am sure that the President acknowledges the fire circumstances gripping the nation. The people’s cries of hunger and despair echo loudly, their hope for electing you as their president is not fulfilled and their trust has been betrayed. The tone in the country now is “Ebi n pa wa,” ( We are hungry), as many can’t afford the necessities. The poor are getting poorer while those with little resources are not smiling anymore.

As the leader of the country, you bear the responsibilities of serving people and governing democratically, and not inflicting suffering on them. While your policies may be well-intentioned, they have worsened the plight of the populace, making it increasingly difficult for households to put food on the table. Too many go to bed with empty stomachs.

Even garri once considered an affordable staple, has become a luxury beyond the reach of the poor. Also, Nigerian naira notes keep devaluing while dollars keep taking the fortune. The principle in Nigeria’s economy is “ once the rate of the dollar is high, the naira will be paltry,” and the food rate will roll up. Nigeria’s currency, the naira, further plummeted to 1,700 naira to $1 and showed no sign of recovery. To avoid unforeseen circumstances, it is necessary to create a solution because a stitch in nine saves nine.

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