Sixty-four years after Independence, Nigerians are perplexed by the lavish lifestyles of the political elite in contrast to the daily struggles of the majority who eat from hand to mouth. Despite being Africa’s biggest oil producer, the nation is grappling with an economic crisis, marked by high inflation, unemployment, and multidimensional poverty. Yet, government officials continue to indulge in luxurious spending, seemingly disconnected from the sufferings of ordinary citizens.
A Nation in Economic Crisis Nigeria’s economic woes are deepening. Inflation has surged to record highs despite slowing for the second consecutive month to 32.15 percent in August 2024.
Food inflation, which makes up over half of the total, stood at 37.52 percent. Since Independence, Nigeria has experienced a series of high inflation, reaching a staggering 73 percent in 1995 under Sani Abacha, former head of state.
However, the current economic crisis is a mixed bag of high inflation, crippling interest rates, factory shut-downs, multinationals’ exits, naira slump, high petrol costs, and insecurity. The living conditions of citizens remain dire, with essential commodities such as rice, beans, and bread becoming increasingly unaffordable. Nigeria, a nation with over 220 million people, has more than 24 million people who are food insecure and hungry, according to the 2024 Global Report on Food Crises.
According to the National Bureau of Statistics (NBS), over 133 million Nigerians—63 percent .