Nigeria Faces Deepening Cost-of-Living Crisis Amid Price Hikes

The cost-of-living crisis in Nigeria has intensified, with soaring prices of fuel, food, and basic goods severely impacting household and business purchasing power. Workers and families are struggling as their incomes fail to keep pace with rising costs, resulting in reduced spending on essentials.

In the past 72 hours, petrol prices have surged to approximately N1,350 per litre in Lagos and over N1,400 in northern Nigeria. Social commentator Peter Olawumi illustrated the decline in purchasing power, noting that N10,000 could buy only 6.9kg of cooking gas in 2026, compared to 40kg in 2011.

He also highlighted the price increase of Coca-Cola from N100 in 2015 to about N500. Workers like Olabode Owoyemi reported that despite a nominal salary increase from N130,000 in 2023 to N300,000, the real value has diminished due to rising petrol prices, which now sell for around N1,300 per litre.

Ayo Deji further emphasized the impact of rising petrol prices on purchasing power.