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NIGERIA AND THE RISING COST OF LIVING
” . . . critical times hard to deal with will be here.” – 2 Timothy 3:1.
Do you agree that we are living in critical times hard to deal with? Are you anxious about the rising cost of living? Is the rising cost of living forcing you to work longer hours to make ends meet? Do you have less time to spend with your loved ones? Here are some practical suggestions that can help you cope with the rising cost of living.
The recurring theme occupying the ‘front burner’ of my interactions and conversations with a number of people during the past few days has been “the rising cost of living!” A visit to the market reveals that the cost of food items has increased astronomically! The cost of transportation has also skyrocketed as a result of the rise in fuel prices. Market surveys also show that the prices of essential and prescription drugs, as well as other pharmaceutical products, have increased as well!
This relentless upward movement of prices has been making life increasingly difficult for many Nigerians, especially the low-income earners, unemployed, and other vulnerable people, making life unbearable for them. Something crucial needs to be done urgently as a palliative, to help people cope with this situation!
The word most commonly used to describe what has been happening is ‘inflation’. ‘Inflation’ is a term used in the field of Economics to describe the general and progressive increase in prices and a fall in the purchasing value of money. Inflation is like a balloon. A balloon can be filled with air up to a point, depending on its size and strength. But when too much air is pumped into it, the balloon will always ‘burst.’ That is also true of constant economic inflation; it eventually leads to an economic ‘bust.’
As of May 2026, the latest National Bureau of Statistics (NBS) data indicates that Nigeria’s headline inflation rate for March 2026 increased to 15.38% on a year-on-year basis, up from 15.06% in February 2026, representing a 0.32% increase. Also, on a month-on-month basis, inflation rose to 4.18% in March 2026, which was 2.17% higher than the 2.01% recorded in February 2026. This suggests that the pace of increase in the general price level accelerated relative to the previous month. Core inflation has also increased!
The details may differ, but the story is much the same in many other countries around the world. The cost of living is rising relentlessly! For many, bread and milk have become a luxury, and three meals a day a rarity. Rice is now usually eaten only on festive occasions because of its high cost. Those who suffer most are the unskilled labourers and poorer people, who are in no position to demand the higher and higher incomes needed to keep up with rising prices. For these people especially, inflation is a thief, a thief that robs the most needy!
Some people try to alleviate the problem by working longer hours, but others find work difficult or even impossible to obtain because of the high rate of unemployment in the country. They are forced to devote each day to the unending and often fruitless task of searching for food. For them, it is not merely a question of coping with the rising cost of living, but, rather, a matter of struggling to meet the cost of survival. Particularly hard hit are those on fixed incomes such as the pensioners, or the unemployed.
Who or what is to blame for this growing inflation? Many people blame the government. Other possible contributory factors include: the removal of fuel subsidy resulting in the rising cost of fuel; the devaluation of the Naira; insecurity in farming communities; increase in the cost of production; the government’s economic policies; high taxes; increase in public spending; rising unemployment; and so on.
The rising cost of living creates challenges for everyone. But you do not need to feel like a helpless victim. There are many things you can do to improve your situation. To learn about five practical things you can do to help you reduce your anxieties and cope successfully with the rising cost of living, please read the Awake! magazine No. 1 2025, titled: ‘Coping With Rising Prices.’ You can access and download this magazine for free by visiting [on the Web]: www.jw.org . The articles in this issue of Awake! contain suggestions that can help you to cope with the rising cost of living and improve the quality of your life.
