By Basanya Sulaimon (Siwes student, Efon Poly)
In the past 25 months, the inflation rate in Nigeria has surged 24 times, based on an analysis of the Commodity Price Index reports from the National Bureau of Statistics.
This rise, from 15.99% to 27.33% between October 2021 and October 2023, signifies a significant decline in purchasing power.
Economist Prof Sheriffdeen Tella explains that this persistent inflationary pressure has created a cycle leading to reduced purchasing power, diminished production, and subsequent job losses in the economy.
The increased cost of living and falling standard of living have pushed more Nigerians into the poverty net, impacting consumption patterns and affecting sectors like manufacturing.
