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Nigeria’s Economic hardship: An urgent call for action
Government & Politics
4 hrs ago
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Nigeria’s Economic hardship: An urgent call for action
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4 hrs agoNigeria is facing one of its toughest economic periods in recent history. With inflation soaring to 33.95% as of May 2025 (according to the National Bureau of Statistics), the cost of basic goods like food, transport, and housing has become unbearable for many citizens. Food inflation alone sits at 40.66%, forcing millions to skip meals or depend on aid. Unemployment remains high, especially among the youth, with over 53% of Nigerians under 35 unemployed or underemployed.
The removal of fuel subsidies in 2023, while aimed at saving public funds, doubled transportation costs and crippled small businesses. The naira continues to weaken, recently trading around ₦1,500 to $1, further straining import-reliant sectors. Power supply remains unreliable, and insecurity in rural areas disrupts agriculture and trade routes.
To address this crisis, the government must prioritize domestic production, especially in agriculture and manufacturing, to reduce import dependency. Investing in renewable energy and infrastructure can create jobs and support small businesses. There is also a need for transparent governance, efficient tax systems, and targeted social welfare programs. Without urgent action, millions more may slip into poverty in Africa’s largest economy one that still holds great potential if managed wisely.