How Current Economic Squeeze May Deepen Misery, Poverty In Nigeria – Economists

The high level of inflation in the country will worsen the misery of Nigerian households and ultimately lead to greater poverty in the country, economists have said.

Earlier this week, Mr. Shubham Chaudhuri, the World Bank Country Director in Nigeria declared that households should prepare for an “exceptional squeeze” in their disposable incomes this year. 

This is already happening in the country, says Dr. Bongo Adi, an economist, and Senior Lecturer at the Lagos Business School, who blames the development on obstinately high inflation and ongoing disruptions in the economy.

“The high level of inflation may still lag into next year. So definitely, households are going to face a very tough time,” Dr. Adi told Daily Trust on Sunday in an interview. 

Reinforcing Dr. Adi’s position, Mr. Yadinma Onwu, a serial investor in the financial market, real estate, and hospitality, noted: “The purchasing power of the Naira has been significantly eroded by the elevated inflation rate over the past years, and this continues to worsen standards of living, especially as most Nigerians have experienced a shrink in their disposable income. Whether you ask a farmer or trader, carpenter or driver, everyone is complaining of lower income.”

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