If you’ve stepped into the market recently, you probably did so with a small prayer on your lips because these days, prices are shocking. Everything has increased ! bread, rice, garri, fuel, transportation, even the humble pure water no longer costs what it used to. But when a corps member recently took to social media to lament the price of a crate of eggs, Nigerians felt that one in their chest.
“How can eggs be luxury items?” That’s the question many are asking as the cost of living continues to skyrocket. The video quickly went viral, with many people sharing their own frustrations about how basic necessities have become unaffordable. The reality is clear: surviving in Nigeria is becoming harder by the day.
But why exactly is everything so expensive? Why does it feel like our money is losing value faster than network providers deduct airtime? And most importantly, how is this affecting everyday Nigerians? Let’s break it down.
Why is the Cost of Living Rising?
1. Inflation – Our Money is Losing Value
Inflation is the general increase in the prices of goods and services over time. In simple terms, the money in your pocket is worth less today than it was last year. The National Bureau of Statistics (NBS) recently reported that Nigeria’s inflation rate has been rising consistently, and food inflation is at an all-time high. That’s why the same 5,000 naira that could fill a shopping bag some months ago now barely buys a few items.
2. The Naira-Dollar Wahala
The naira’s struggle against the dollar is another major factor. Since Nigeria depends heavily on imported goods—even things we should be producing locally—a weaker naira means higher costs for almost everything. Businesses that import raw materials or finished products have to pay more, and they pass that cost to consumers. This is why a bag of rice that used to be N30,000 is now hovering around N70,000 in some places.
3. Fuel Prices and Transportation Costs
When the government removed the fuel subsidy, it had a domino effect on the entire economy. Transporters now spend more on fuel, so they increase fares. That, in turn, affects the prices of goods and services because traders must factor in the higher cost of getting their products to the market. The result? Everything becomes more expensive, from food items to everyday essentials.
4. The Cost of Food Production is Rising
Farming should be a solid solution to food scarcity, but even farmers are struggling. The rising cost of fertilizers, insecurity in farming regions, and expensive transportation mean that food prices are climbing higher. Eggs, which used to be one of the cheapest sources of protein, are now being sold at jaw-dropping prices. Even local produce like yam and vegetables have become more expensive.
The Effects on Everyday Nigerians
The rising cost of living is not just numbers and statistics—it’s affecting real people in serious ways. Here’s how:
1. Struggles to Afford Basic Needs
People are cutting back on things that used to be necessities. Many families can no longer afford three square meals a day, and nutritious food is becoming a luxury. Proteins like eggs, fish, and meat are being rationed or removed completely from meals. Some households now drink garri with just water—no sugar, no groundnut, just vibes.
2. Increased Poverty and Hardship
With salaries remaining stagnant while prices keep rising, more people are falling into poverty. The middle class is shrinking, and many workers can barely keep up with rent, school fees, and medical bills. NYSC corps members, who earn a fixed stipend, are feeling the heat even more, as their monthly allowance barely covers basic expenses.
3. High Transport Costs Limit Movement
Before, if you had N500, you could at least take a bus to your destination and still have change for gala. Now, N500 might not even cover a single trip in some areas. The high cost of transportation is making it difficult for people to commute to work, run businesses, or visit family and friends. Ride-hailing services like Bolt and Uber have also increased their fares, making them unaffordable for many.
4. More Nigerians Turning to Side Hustles
With salaries no longer enough, many people are embracing side hustles to survive. From online businesses to freelance gigs, Nigerians are finding creative ways to make extra cash. Some have turned to farming their own food, while others are learning new skills to increase their income.
5. Mental and Emotional Stress
The economic hardship is taking a toll on people’s mental health. Many Nigerians are constantly worried about how to make ends meet, leading to increased stress, anxiety, and frustration. Social media is filled with posts of people expressing their exhaustion and hopelessness, with some even joking that their biggest goal now is just to “japa” (relocate abroad).
What’s the Way Forward?
While Nigerians are resilient, this situation is unsustainable. The government must take urgent steps to stabilize the economy, reduce inflation, and support local production. Policies that strengthen the naira, improve infrastructure, and encourage investment in agriculture and manufacturing could help ease the crisis.
For individuals, financial survival now requires careful planning. Budgeting, saving where possible, and exploring multiple income streams can help cushion the effects of the rising cost of living. But ultimately, long-term solutions must come from leadership and economic reforms.
Until then, Nigerians will continue to adjust, innovate, and hope for better days. After all, as we always say, “Las las, we go dey alright”, but e no suppose hard like this.
