ABUJA — Despite signs of economic recovery, high inflation, naira weakness, underemployment and declining access to essential services are pushing more Nigerian households into deeper deprivation.
According to a new report, the worsening cost-of-living crisis is forcing families to sacrifice assets and cut back on future needs just to meet basic expenses.
The report notes that while macroeconomic indicators show some improvement, the gains have not translated to better living standards for most Nigerians. Rising prices of food, transport and healthcare, combined with a weak naira and limited job opportunities, continue to erode household purchasing power.
Experts warn that without targeted interventions to protect vulnerable households and improve access to basic services, Nigeria risks sliding further into a poverty trap even as the broader economy records growth.