High Cost Of Living In Nigeria -By Itobi Luckyoghenerukevwe

In Nigeria today the cost of living is very high that people who don’t have jobs or anything doing starve and barely eat two meals a day.The cost of living has become one of the most disturbing issues in Nigeria today.In the country today many citizens are struggling to cope with the amount food is being sold in our markets,the high cost of transportation, housing, hospital bills and other basic necessities.while the economy continues to face various challenges, ordinary citizens bear the greatest burden as they struggle to feed and sort out bills.

In Nigeria currently the prices of essential commodities increased. A bag of rice which was once affordable for many families, now cost a lot of money to get than few years back. The same can be said for garri,yam, vegetable oil, palm oil,etc. As a result of the increase many families now adjust their cost of spending.

A visit to our local markets in different part of the country, you can clearly see how the problem has become. Marketers or traders complain that customers no longer buy in large quantities but they buy in smaller quantity which their money can afford. According to some traders business is no longer moving because customers purchasing power has reduced greatly. People no longer eat good food,they now eat food which does not contain the enough vitamins and nutrients this can lead to sickness.

The rate of transportation have increased too. Following the increase of fuel bike riders and transporters have increased transport fare and many people now look for a way to reduce the rate of spending on transport so they trek short distances. This have affected workers students and public workers who have relied on public transportation everyday. Many people who travel regularly now spend more of their income on transportation leaving less for other necessities.

Students are among the most affected with the high cost of living in Nigeria. Students pay for accommodation which is quite expensive in some schooling areas, find a way to feed, buy school materials and spend money on transportation. Many students now find it hard to sort out for academic and still look for a way to other necessary things. Some do engage in in online or small business to support themselves financially while pursuing their education. With this many student don’t focus on studying and this can lead to massive failure.

The health care sector has increased with high rate of goods. The prices of medicine and medical services have risen, making health care not affordable to low income earners. Some drugs are being taken without doctor’s prescription, due to low cost of living, and some of these drugs taken cause effects in our lives unknowing to us.

Several factors have contributed to the high cost of living in Nigeria. One of the major cause is inflation(general increase in prices of goods), which leads to continuous increase in prices of goods and services. The drop of Naira against foreign currencies has also affected the cost of imported products and raw materials. Nigeria depends on Importation and expectation of goods making the prices for customers to be high and most people can’t afford it.

Insecurity in some parts of the country has also affected agricultural production. Farmers are no longer safe to go the farm anymore because of the current situation in Nigeria. Farmers in certain parts of the country face challenges such as banditry and kidnapping which limits farming activities. Reduced agricultural produce often leads to shortage of food and high prices in market.

Furthermore, due to lack of infrastructure and high rate transportation, the increase in prices of goods across the country keeps going higher and higher on daily basis. In this way not everyone could take transport.

In all of these challenges still, the country still did not give up on how to make the place a better one for everyone. Many families have copied many strategies to survive difficult economic conditions. Unnecessary spending have reduced, while some look for a way to get a source of income. Others engage in small scale business like; tailoring, hairdressing, online trading and and many more have become important sources of additional income to many households.

Community support system have also played a significant role in helping people cope with the situation. Friends, relatives, religious organizations and local associations provide help to individuals and the unemployed. Such support has helped many families scale through difficulties with their financial help and support.

Economic experts say that solving the problem of high living costs needs both immediate actions and long-term plans. To reduce the high cost of living, the government must take quick steps now and also plan solutions that will work in the future. Experts suggest that more money should be put into farming so that more food can be produced locally and the country will not rely too much on foreign goods.If the government supports agriculture more, Nigeria will grow enough food locally and will not need to import so much from other countries. By this way the cost of goods will be less for many families.

Job creation is another important solution. By creating employment opportunities for our youth, men and women, it will be easier for people to afford products without bothering family members and friends. The government and private sectors can increase household income and improve standard of living. Investment in infrastructure, education and technology can also contribute to a sustainable economic growth and development.

In conclusion, the height cost of living in Nigeria remains one of the greatest challenges facing our country today. From the prices of food, transportation, healthcare, and education, the impact is felt in every aspect of our daily lives. While citizens continue to display determination and not giving up, the lasting solution depends on the efforts from our government, private sectors and the society as a whole. Only through these effective policies and sustained economic reforms that can make Nigeria create an environment where citizens can enjoy a better quality of life and greater economic stability. And not with the fear of spending and regretting.