Browsing: Cost of Living Crisis

• Nigeria’s cost of living crisis has been the worst in decades, exacerbated by worsening food insecurity and record inflation. 
• The lack of enough resources has led to insecurity in Nigeria as people fight for scarce resources and food.
• In response to Nigeria’s cost of living crisis, Tinubu announced a state of emergency in July and intends to begin grain distribution in the coming weeks.

Tinubu’s Reforms worsen Nigeria’s cost of living crisis

Nigeria, Africa’s largest economy, is grappling with the worst cost of living crisis in decades and a worsening food security situation. A significant portion of the population is experiencing extreme food insecurity. After assuming power in May 2023, Bola Tinubu’s administration adopted bold but unpopular reforms that further strained the already-battered economy.

Nigeria imports food and fuel and was buffeted by rising commodity prices due to a glim global economic situation in the last two years. President Tinubu …