As the economic hardship bites harder, many Nigerians are now finding it extremely difficult to buy essential goods according to the new
report by Cowry Research.
The “Half Year 2024 Nigerian Economic and Financial MarketReview and Outlook for second half 2024 report attributes the drop to high inflation rates, currency devaluation and disruptions in global supply chains. Inflation in Nigeria has reached a 28-year high, with the country ranking second highest in Africa, after Congo.
He predicts a slow moderation of headline inflation in the second half of 2024, driven by the upcoming harvest season, the suspension of taxes on some food items, a relatively stable exchange rate, and weak consumer demand. He emphasized the need for robust food production systems to reduce reliance on imported food, which is vulnerable to price volatility and exchange rate fluctuations.
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