Rising prices have taken many essential items, including food and housing, beyond the reach of millions of citizens across Nigeria, as highlighted by a PREMIUM TIMES' market survey in Minna, Niger State
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Year-on-year, the rate jumped by 11.47 per cent compared to April 2023, while month-on-month, April 2024 saw a 2.29 per cent increase, slightly lower than March’s 3.02 per cent. It’s essential to acknowledge that news production incurs expenses, and we take pride in never placing our stories behind a prohibitive paywall.
The prices of palm oil, groundnut oil, garri, maize and sugar have all seen significant increases within the period, underscoring the economic challenges facing the residents of Minna.Halima Abubakar, a classroom teacher in Minna, said her salary no longer covers her basic needs. Mr Kuta said he used to visit his hometown every weekend but has now reduced his visits to twice a month “due to high transportation costs.”Workers across Nigeria are angry that wages have remained static despite the hyper-inflationary trend, with the government and labour yet to agree on a new national minimum wage.
Miss Brown, who is also an entrepreneur, said inflation has affected her sales. “Low sales plague my business,” she said in a Facebook post. “Customers demand refunds due to sudden price hikes caused by currency fluctuations.” Inflation rates, which soared to 21 per cent across the region in January 2024, have also compounded the challenges, pushing essential goods beyond the reach of many.Samuel Nzekwe, a former president of the Association of National Accountants of Nigeria said Nigeria needs to “diversify the economy and cultivate an environment conducive to the growth of crucial sectors.”
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