The National Bureau of Statistics (NBS) recently announced that Nigeria’s inflation rate fell sharply from 34.80% in December 2024 to 24.48% in January 2025. Government officials are celebrating this economic milestone, but on the streets, many Nigerians are asking: “Where’s the relief?”
A drop in inflation doesn’t mean prices are falling—it simply means they are increasing at a slower rate. For instance, a 50kg bag of rice that cost N100,000 in December is now selling for N80,000–N90,000. While this is an improvement, it’s still far from the N60,000 price tag of early 2024.
This pattern repeats across essential goods and services, leaving many Nigerians struggling to afford basic necessities despite the supposedly improving economy
Why Are Prices Still High?
Several factors continue to drive up the cost of living, making it difficult for consumers to feel the impact of lower inflation figures:
High Exchange Rates – Despite recent stability in the naira, imported goods remain expensive, affecting the cost of everything from food to electronics.
Fuel & Energy Costs – High transport costs drive up food and goods prices, as businesses pass these expenses onto consumers.
Stagnant Wages – While prices surged in 2024, most salaries have not increased, eroding purchasing power and worsening financial strain.
What Needs to Happen for Real Relief?
While improved inflation numbers look good on paper, true economic relief will only come when:
Wages increase to match the rising cost of living.
Production costs decrease, allowing businesses to lower prices.
Government policies focus on affordability, making everyday essentials more accessible.
Until these changes occur, the gap between economic data and daily reality will remain painfully wide for the average Nigerian.