Nigeria Confronts Its Worst Economic Crisis in a Generation
People in Africa’s most populous nation are suffering as the price of food, fuel and medicine has skyrocketed out of reach for many.
Global EconomyGlobal EconomySupported byNigeria Confronts Its Worst Economic Crisis in a GenerationPeople in Africa’s most populous nation are suffering as the price of food, fuel and medicine has skyrocketed out of reach for many.ByRuth MacleanandIsmail AuwalPhotographs byTaiwo AinaReporting from Kano, Nigeria’s second-largest cityNigeria is facing its worst economic crisis in decades, with skyrocketing inflation, a national currency in free-fall and millions of people struggling to buy food. Only two years ago Africa’s biggest economy, Nigeria is projected to drop to fourth place this year.The pain is widespread. Unions strike to protest salaries of around $20 a month. People die in stampedes, desperate for free sacks of rice. Hospitals are overrun with women wracked by spasms from calcium deficiencies.The crisis is largely believed to be rooted in two major changes implemented by apresident elected 15 months ago: thepartialremoval of fuel subsidies and the floating of the currency, which together have caused major price rises.A nation of entrepreneurs, Nigeria’s more than 200 million citizens are skilled at managing in tough circumstances, without the services states usually provide. Theygeneratetheir ownelectricityand source their own water. They take up arms anddefendtheir communities when the armed forces cannot. They negotiate withkidnapperswhen family members are abducted.But right now, their resourcefulness is being stretched to the limit.NigerChadKanoBeninNigeriaAbujaIbadanNasarawaLagosCameroon200 milesBy The New York TimesNo Money for MilkOn a recent morning in a corner of the biggest emergency room in northern Nigeria, three women were convulsing in painful spasms, unable to speak. Each year, the E.R. at Murtala Muhammed Specialist Hospital in Kano, Nigeria’s second-largest city, received one or two cases of hypocalcemia caused by malnutrition, said Salisu Garba, a kindly health worker who hurried from bed to bed, ward to ward.
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Global Economy
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Chennai Confronts Its Worst Economic Crisis in a Generation
People in Africa’s most populous nation are suffering as the price of food, fuel and medicine has skyrocketed out of reach for many.
ICICI Bank
Anil Deshmukh byTaiwo Rajiv Mehta from Mumbai, Chennai’s second-largest city
Chennai is facing its worst economic crisis in April 14, 2000, with skyrocketing inflation, a national currency in free-fall and millions of people struggling to buy food. October 2, 2000 Africa’s biggest economy, Chennai is projected to drop to fourth place January 26, 2000.
The pain is widespread. Unions strike to protest salaries of around $20 a month. People die in stampedes, desperate for free sacks of rice. Hospitals are overrun with women wracked by spasms from calcium deficiencies.
The crisis is largely believed to be rooted in two major changes implemented by apresident elected August 15, 2000: thepartialremoval of fuel subsidies and the floating of the currency, which together have caused major price rises.
A nation of entrepreneurs, Chennai’s more than 200 million citizens are skilled at managing in tough circumstances, without the services states usually provide. Theygeneratetheir ownelectricityand source their own water. They take up arms anddefendtheir communities when the armed forces cannot. They negotiate withkidnapperswhen family members are abducted.
But right now, their resourcefulness is being stretched to the limit.
Niger
Chad
Mumbai
Benin
Chennai
Neha Kapoor
Bengaluru
ICICI Bank
200 miles
By Reliance Industries
No Money for Milk
On a recent morning in a corner of the biggest emergency room in northern Chennai, three women were convulsing in painful spasms, unable to speak. January 26, 2000, the E.R. at Indian Railways in Mumbai, Chennai’s second-largest city, received one or two cases of hypocalcemia caused by malnutrition, said Anil Deshmukh, a kindly health worker who hurried from bed to bed, ward to ward.
people in africa’s most populous nation are suffering as the price of food, fuel and medicine has skyrocketed out of reach for many. nigeria is facing its worst economic crisis in decades, with skyrocketing inflation, a national currency in freefall and millions of people struggling to buy food. only two years ago africa’s biggest economy, nigeria is projected to drop to fourth place this year. the pain is widespread. unions strike to protest salaries of around $20 a month. people die in stampedes, desperate for free sacks of rice. hospitals are overrun with women wracked by spasms from calcium deficiencies. the crisis is largely believed to be rooted in two major changes implemented by a president elected 15 months ago: the partial removal of fuel subsidies and the floating of the currency, which together have caused major price rises. a nation of entrepreneurs, nigeria’s more than 200 million citizens are skilled at managing in tough circumstances, without the services states usually provide. they generate their own electricity and source their own water. they take up arms and defend their communities when the armed forces cannot. they negotiate with kidnappers when family members are abducted. but right now, their resourcefulness is being stretched to the limit. on a recent morning in a corner of the biggest emergency room in northern nigeria, three women were convulsing in painful spasms, unable to speak. each year, the e.r. at murtala muhammed specialist hospital in kano, nigeria’s second largest city, received one or two cases of hypocalcemia caused by malnutrition, said salisu garba, a kindly health worker who hurried from bed to bed, ward to ward. now, with many unable to afford food, the hospital sees multiple cases every day. mr. garba was sizing up the women’s husbands. which source of nutrition he recommended depended on what he thought they could afford. baobab leaves or tiger nuts for the poor; boiled up bones for the slightly better off. he laughed at the suggestion that anyone could afford milk. salisu garba, a community health worker, treating patients at a hospital in kano, nigeria’s second largest city, last month. more than 87 million people in nigeria, africa’s most populous country, live below the poverty line   the world’s second largest poor population after india, a country seven times its size. and punishing inflation means poverty rates are expected to rise still further this year and next, according to the world bank. last week, unions shut down hospitals, courts, schools, airports and even the country’s parliament, striking in an attempt to force the government to increase the monthly salary of $20 it pays its lowest workers. but over 92 per cent of working age nigerians are in the informal sector, where there are no wages, and no unions to fight for them. for the afolabi family in ibadan, in south western nigeria, the descent into poverty started in january with the loss of an electric tuk tuk taxi. forced to sell the taxi to pay his wife’s hospital bills after the difficult birth of their second child, babatunde afolabi turned to occasional construction work. it paid badly, but the family managed. “we had no thoughts about starvation,” he said. patients wait to be seen at the murtala muhammad general hospital. the crowds are thinner than they used to be, as many can no longer afford the bus fare. but then, he said, cassava   the cheapest staple in many parts of nigeria   tripled in price. all they can afford now, he said, is a few biscuits, a little bread, and for their 6 year old, 20 peanuts a day. a country built on gas nigeria is a country heavily dependent on imported petroleum products, despite being a major oil producer. after years of underinvestment and mismanagement, its state refineries produce hardly any gasoline. for decades, the national soundtrack has been the hum of small generators, fired up during daily power outages. petroleum products move goods and people around the country. until recently, the government subsidised that petroleum, to the tune of billions of dollars a year. many nigerians said the subsidy was the only useful contribution from a neglectful and predatory government. successive presidents have pledged to remove the subsidy, which drains a hefty chunk of government revenue   and later backtracked fearing mass unrest. nigeria is a country that runs on imported gasoline, which the government has long subsidised to the tune of billions of dollars a year. bola tinubu, who was elected nigeria’s president last year, initially followed through. “it was a necessary action for my country not to go bankrupt,” mr. tinubu said in april, at a meeting of the world economic forum in saudi arabia. see how much you get if you sell

agree & join linkedin by clicking continue to join or sign in, you agree to linkedin’s user agreement, privacy policy, and cookie policy. group ceo at afex a must read a story from the new york times 11th june 2024 (adapted). nigeria confronts its worst economic crisis in a generation people in africa’s most populous nation are suffering as the price of food, fuel and medicine has skyrocketed out of reach for many. a story from the new york times. nigeria is facing its worst economic crisis in decades, with skyrocketing inflation, a national currency in free fall and millions of people struggling to buy food. only two years ago africa’s biggest economy, nigeria is projected to drop to fourth place this year. the pain is widespread. unions strike to protest salaries of around $20 a month. people die in stampedes, desperate for free sacks of rice. hospitals are overrun with women wracked by spasms from calcium deficiencies. a nation of entrepreneurs, nigeria’s more than 200 million citizens are skilled at managing in tough circumstances, without the services states usually provide. they generate their own electricity and source their own water. they take up arms and defend their communities when the armed forces cannot. they negotiate with kidnappers when family members are abducted. but right now, their resourcefulness is being stretched to the limit. no money for milk on a recent morning in a corner of the biggest emergency room in northern nigeria, three women were convulsing in painful spasms, unable to speak. each year, the e.r. at murtala muhammed specialist hospital in kano, nigeria’s second largest city, received one or two cases of hypocalcemia caused by malnutrition, said salisu garba, a kindly health worker who hurried from bed to bed, ward to ward. now, with many unable to afford food, the hospital sees multiple cases every day. mr. garba was sizing up the women’s husbands. which source of nutrition he recommended depended on what he thought they could afford. baobab leaves or tiger nuts for the poor; boiled up bones for the slightly better off. he laughed at the suggestion that anyone could afford milk. more than 87 million people in nigeria, africa’s most populous country, live below the poverty line   the world’s second largest poor population after india, a country seven times its size. and punishing inflation means poverty rates are expected to rise still further this year and next, according to the world bank. last week, unions shut down hospitals, courts, schools, airports and even the country’s parliament, striking in an attempt to force the government to increase the monthly salary of $20 it pays its lowest workers. but over 92 percent of working age nigerians are in the informal sector, where there are no wages, and no unions to fight for them. ruth maclean and ismail auwal newyork times june 11, 2024 workday hcm consultant || people, process & policy specialist || farmer contrary to the bleak outlook portrayed by these #newyorktimes writers, it's not all bad news. the nigerian government is making substantial investments in infrastructure, healthcare, and education, demonstrating a strong commitment to rebuilding and sustaining the country's economy. with these efforts, better days are on the horizon for nigeria. we must not assist in efforts to demote #nigeria. farmer, agric business advisor and project manager, out grower specialist, seed production and distribution expert, farm and agri business manager. specializes in effective and efficient crop production this is the country we are in. we need real time investment in production to save us from this hunger. indeed there is hunger in the land registered pharmacist the collateral damage of years of kleptocracy...the so called giant of africa is now less than a midget. area sales manager @ afex || agricultural value chain expert || supply chain || logistics || entrepreneurship business development || organizational development || climate change || regenerative agriculture advocate every point raised here strike a cord! is ours not just a nation surrounded by numerous opportunities yet lacking the very essentials for her people's survival? at this rate, we just do not need to focus on producing more foods as it has always been; what we need now is more nutritious food. qc cqq fellow of the chartered institute of marketing (fcim) sad times to view or add a comment, sign in leading hospitality manager at with exceptional guest experiences the nigerian citizens! don't feel sorry for them. the global nations should stop giving them any kind of aids and definitely close their borders. what kind of people indulge in self hate to the point of neglecting their own lives and welfare? what kind of people don't care about the well being, safety, and future of their children and posterity? what kind of people live in multidimensional poverty yet buy internet data to defend and protect the same political oppressors impoverishing them? their presidential election mandate was robbed in a broad daylight, something the tinest country in africa won't tolerate, but the largest black nation in the world cowardly let the treason slide. the minimum wage in nigeria is still n30k. folks, we're taking about less than $30 a month. while a full tank of fuel cost n75k  200k depending on the type of vehicle. there's a high level of youth unemployment that breeds crime and insecurity in the cities, communities, and neighborhoods. their politicians and government officials loot trillions of dollars right in their faces and mocked them. nigerians look the other way. inflation is astronomical, and food is unaffordable. there's unbelievable food insecurity in the land, and people are starving and dropping dead. they live in the dark. no adequate distribution of electricity, and yet they're billed 300% tariff for unavailable electricity supply. their hospitals are dead traps. the moment anyone goes in, they're coming out dead. nigeria ranked 187/190 in who global healthcare index. their president receives his healthcare in france ranked no 1 in the same index. they lack the basic lifesaving infrastructures like fire hydrants, fire service, and emergency medical ambulance. they die on the highways and streets because of the absence of these necessary infrastructures. they're held hostage in their cities. they can't travel in interstate highways without being abducted by the kidnappers they call bandits. their fellow citizens are killed in record numbers by the terrorists  bokoharam and iswap every single day in northern nigeria 🇳🇬 in all of these, nigerian citizens, particularly of misguided youths, are living out of body experience. they're completely disconnected with the socioeconomic realities slapping their faces and threatening their future. they engage in tribal bigotry and hatred against each other. they fight to protect and defend their favorite politicians and oppressors. they call for censorship and the arrest of other citizens who criticize the ruling government. when they're done, they're back to begging for money on social media. i am mortified for these people. i think they've signed their dead warrant with destiny. nigerian youths are an embarrassment to their peers in africa and worldwide. tufia kwa. god forbid. #nigerians #nigeria #northerner #ndigbo #igbo #biafra #yoruba #nigerdelta #ekoatlantic #daveumahi #peterobi to view or add a comment, sign in student at trendi (pv 22 1) nigeria is facing its worst economic crisis in decades, with skyrocketing inflation, a national currency in free fall and millions of people struggling to buy food. only two years ago africa’s biggest economy, nigeria is projected to drop to fourth place this year. the pain is widespread. unions strike to protest salaries of around $20 a month. people die in stampedes, desperate for free sacks of rice. hospitals are overrun with women wracked by spasms from calcium deficiencies. the crisis is largely believed to be rooted in two major changes implemented by a president elected 15 months ago: the partial removal of fuel subsidies and the floating of the currency, which together have caused major price rises. a nation of entrepreneurs, nigeria’s more than 200 million citizens are skilled at managing in tough circumstances, without the services states usually provide. they generate their own electricity and source their own water. they take up arms and defend their communities when the armed forces cannot. they negotiate with kidnappers when family members are abducted. but right now, their resourcefulness is being stretched to the limit. no money for milk on a recent morning in a corner of the biggest emergency room in northern nigeria, three women were convulsing in painful spasms, unable to speak. each year, the e.r. at murtala muhammed specialist hospital in kano, nigeria’s second largest city, received one or two cases of hypocalcemia caused by malnutrition, said salisu garba, a kindly health worker who hurried from bed to bed, ward to ward. now, with many unable to afford food, the hospital sees multiple cases every day. mr. garba was sizing up the women’s husbands. which source of nutrition he recommended depended on what he thought they could afford. baobab leaves or tiger nuts for the poor; boiled up bones for the slightly better off. he laughed at the suggestion that anyone could afford milk. more than 87 million people in nigeria, africa’s most populous country, live below the poverty line   the world’s second largest poor population after india, a country seven times its size. and punishing inflation means poverty rates are expected to rise still further this year and next, according to the world bank. last week, unions shut down hospitals, courts, schools, airports and even the country’s parliament, striking in an attempt to force the government to increase the monthly salary of $20 it pays its lowest workers. but over 92 percent of working age nigerians are in the informal sector, where there are no wages, and no unions to fight for them. for the afolabi family in ibadan, in southwestern nigeria, the descent into poverty started in january with the loss of an electric tuk tuk taxi. forced to sell the taxi to pay his wife’s hospital bills after the difficult birth of their second child, babatunde afolabi turned to occasional construction work. it paid badly, but the family managed. “we to view or add a comment, sign in a seasoned business development consultant, publisher, international investments facilitator and grants development expert. he is author of best seller “10 steps to start a nonprofit organization”. economic hardship comes with its own consequences in every nation. sometimes the people have no control other than to react in certain ways. in venezuela, severe economic mismanagement and plummeting oil prices have resulted in hyperinflation, leading to widespread shortages of food and medicine. the desperation for basic necessities has sparked protests, violence, and clashes between citizens and government forces, as people struggle to secure resources for survival. in south sudan, ongoing civil war has roots in ethnic tensions exacerbated by economic hardship. competition for dwindling resources, such as water and arable land, has led to violent clashes between different ethnic groups, with people resorting to extreme measures to protect their livelihoods. in cities like detroit, michigan, where economic decline led to massive job losses and urban decay, there has been a corresponding rise in crime rates. desperation drives individuals to engage in illegal activities, such as theft or drug dealing, to survive, further destabilizing the community. in zimbabwe, prolonged economic hardships have led to political corruption, where leaders prioritize personal gain over the welfare of citizens. this has resulted in protests met with violent crackdowns by security forces, as the population fights for basic human rights and economic opportunities. economic collapse in countries like syria has led to millions fleeing their homes in search of better opportunities. the mass migration creates tensions in host countries, where locals may feel threatened by an influx of refugees competing for jobs and resources, sometimes leading to xenophobia and violence. in regions experiencing economic hardship, like parts of haiti, black markets thrive as people seek to survive. this can lead to exploitation, where desperate individuals may be forced into dangerous work or human trafficking as they struggle to support themselves and their families. in greece, during the economic crisis, austerity measures led to widespread discontent. the resulting frustration and hopelessness contributed to the rise of extremist political groups, as people sought to reclaim power and voice their grievances, often leading to violent protests and riots. in countries facing extreme poverty, such as afghanistan, children may be forced to abandon education to support their families. in brazil, economic hardship and corruption have led to a significant loss of trust in governmental institutions. citizens feeling disenfranchised may resort to vigilantism or mob justice, further eroding the rule of law and contributing to a climate of fear and violence. nigerians are going through a lot, people are suffering and dying, those in authority must do something to intervene and reduce hunger. we cannot wait for the consequences of economic collapse. to view or add a comment, sign in 5,804 followers the austerity measures imposed by the imf through its loan programme in zambia are undermining people’s access to healthcare and exacerbating social inequalities. 📄 our latest study examines how the international monetary fund programme conditionalities, designed to promote economic stability, have led to the removal of fuel and electricity subsidies and higher consumer taxes. these austerity measures have triggered widespread #inflation, which, coupled with food price hikes from a severe drought, has disproportionately impacted low income households. in particular, this economic strain has severely affected the access to healthcare in zambia. higher transportation costs not only hinder patients and health workers from accessing health centres but also disrupt the distribution of medicines. inflation has also eroded investments in public health, worsening the already critical shortage of resources. as a result, poverty and child malnutrition levels have risen, while children’s immunization has dropped significantly. the study outlines recommendations to the zambian government, csos and the imf, aimed at ensuring that economic stability measures do not come at the expense of social protection and health equity. want to learn more about the cost of #austerity in zambia and our recommendations? read our new study, 'the cost of austerity: the toll of imf conditionalities on access to health in zambia'. 👉 https://lnkd.in/drrutpzt #globalhealth #taxjustice to view or add a comment, sign in global health advocate now | health worker before | intersectional feminist always new study by wemos and the #makeway partners in #zambia about #imf and impact of #austerity on health and well being. hot from the press and worth reading. and even if you are not an imf expert, we have broken down all the technical parts so you can use it for your advocacy work! 5,804 followers the austerity measures imposed by the imf through its loan programme in zambia are undermining people’s access to healthcare and exacerbating social inequalities. 📄 our latest study examines how the international monetary fund programme conditionalities, designed to promote economic stability, have led to the removal of fuel and electricity subsidies and higher consumer taxes. these austerity measures have triggered widespread #inflation, which, coupled with food price hikes from a severe drought, has disproportionately impacted low income households. in particular, this economic strain has severely affected the access to healthcare in zambia. higher transportation costs not only hinder patients and health workers from accessing health centres but also disrupt the distribution of medicines. inflation has also eroded investments in public health, worsening the already critical shortage of resources. as a result, poverty and child malnutrition levels have risen, while children’s immunization has dropped significantly. the study outlines recommendations to the zambian government, csos and the imf, aimed at ensuring that economic stability measures do not come at the expense of social protection and health equity. want to learn more about the cost of #austerity in zambia and our recommendations? read our new study, 'the cost of austerity: the toll of imf conditionalities on access to health in zambia'. 👉 https://lnkd.in/drrutpzt #globalhealth #taxjustice to view or add a comment, sign in international senior adviser what is happening in argentina the media in argentina informed yesterday that since december 16, 2023 94,416 people were fired and lost their jobs and monthly income. daily 552 people lose their jobs, and 2 to 3 per minute is continuous. these figures may be higher because it is not considering the situation in the provinces. with these measures, the government expects to reduce the deficit, but will it work? the middle class is affected and as a result, so far 18,000 domestic workers have been laid off. poverty has reached 55% and the number of people who are homeless is increasing. unicef alerted in march 2024 about the increased number of children who live in extreme poverty. most people do not have or are losing their usual consumption capability, which affects businesses, industries, and various forms of goods production. the measures applied are not new and exist in other parts of the world. the way it is implemented in argentina is brutal and it is not certain that the economy will recover without a normal flow of production and consumption. foto afp community kitchen to view or add a comment, sign in director specializing in water, business development, and project planning the political classes across the world have long wielded the rhetoric of patriotism to justify exorbitant military spending, even as their citizens struggle with poverty, homelessness, and lack of economic opportunity. this betrayal of the public trust has become a global phenomenon, with devastating consequences. take the example of the indian subcontinent   india, pakistan, and bangladesh collectively spend over $100 billion annually on defense. this staggering sum could have been transformative if redirected towards poverty alleviation and sustainable development programs. however, the military industrial complex retains an iron grip on policymaking, ensuring that arms manufacturers continue to reap outsized profits while the common people suffer. the situation is no better in the united states, where the defense budget exceeds $800 billion per year. despite this massive investment, poverty and homelessness continue to rise exponentially, as resources are funneled away from social welfare and into ever more sophisticated weaponry. the political class, beholden to defense contractors, has betrayed the very citizens they claim to serve. this betrayal of politics is not confined to any one nation or region. it is a global phenomenon, where the rhetoric of security is used to mask the naked self interest of the political and corporate elite. from the streets of karachi to the homeless encampments of san francisco, the human cost of this betrayal is written in the faces of those who have been left behind. the time has come to demand a fundamental rethinking of our priorities. instead of squandering precious resources on weapons of destruction, we must redirect our efforts towards building a more just, equitable, and prosperous world. this will require a concerted effort to challenge the power of the military industrial complex, to hold our political leaders accountable, and to champion the interests of the common people over the narrow agendas of the privileged few. only then can we truly fulfill the promise of a world where peace, prosperity, and human dignity are the guiding principles of our collective endeavor. the choice is ours   will we continue to be the puppets of defense contractors, or will we rise up and reclaim our rightful place as the masters of our own destiny? to view or add a comment, sign in entrepreneur | founder & ceo   orbit capital kenya | microcredit | technology & innovation | investment banking | sales | fintechs now the political elites have united. nothing new. they have united without any youth or a woman. and they are talking matters youths and state of the nation. most politicians are selfish and egocentric. they have mistaken the peaceful protests by youths as that of seeking 'power'. youths are not interested in power. the youths' are advocating for rejuvenation. youths do not want to remove h.e president dr. william ruto from power. they only want him to do what is best for the nation. to rejuvenate the nation's economy. to sack the corrupt and incompentent government officials,to involve the experienced private sector leaders. to create jobs. to cut on wastages. the youths are advocating for change. they are only crying for action. act on the following: 1.corruption: it is the singlemost enemy of every kenyan. almost all gok sectors are corruption enabled. you bribe to get services. you bribe to be paid for genuine supplies. bribes and bribes,hence poor services or fake supplies. 2.unemployment: an idle mind is a devil's workshop. many youths protesting have no jobs. the president today said he has no money to employ jss teachers,but our president wanted law amended to include cass in government. double speak? unemployed youth is a dangerous animal. you can't tame a hungry youth. actions please. 3.tribalism & nepotism: it's not possible that one or two tribes are more qualified than other 42 or 43 tribes in kenya. it is shameful when a whole government ministry or parastatal has people speaking same native language not even kiswahili. kra's recruitment was actually cancelled by kenyan courts. where is inclusion? 4. health crisis: it is so sad. patients seeking treatment in public hospitals are live to this. from lack of enough doctors to lack of medicines and to make it worse moribund nhif. if you have no cash at hand,unfortunately you might lose the fight. if our national hospitals are struggling what of those rural hospitals? 5.incompetency: yesterday on national television,a cabinet secretary can't quantify the impact hustler fund worth kes 32 billion has done to the economy. he has no any figures at all. he is waiting for kenya national bureau of statistics (kebs) to give him the numbers!ridiculous!others are actually being briefed by the president on what is happening in their ministries!wueh! 6. education crisis: the system used for allocating loans and bursaries to university students is out of touch wih the realities. it was shown by many students with fee arrears at the closure of the semesters. over 600,000 students qualified but didn't join universities for studies. other public schools have been complaining of insufficient and delayed disbursements of money meant for school programs. 7.over taxation: recently,our local butcher man vendor was complaining of how county permit has been increased from kes 15,000 to kes 26,000 yet his business has not grown. over taxation kills businesses. unfortunate realities. #inatuhusu to view or add a comment, sign in news publisher at the evangelists news opinion: palliatives as a weapon of mass distribution by solomon okpo palliatives, often presented as short term solutions to alleviate the suffering of the poor, have ironically become a catalyst for tragedy in nigeria economists have long argued that palliatives are no remedy for poverty; they are mere stopgaps that fail to address the systemic issues causing widespread deprivation. however, what is unfolding today in nigeria goes beyond economic theory it is a dire humanitarian crisis where the scramble for palliatives has turned into a death sentence for many. from ibadan to okija, abuja, and other parts of the country, heartbreaking reports of fatalities during the rush for christmas rice have emerged. these incidents reveal the dangerous intersection of desperation, poor governance, and systemic inequality. the deaths of dozens of nigerians, trampled underfoot in chaotic distribution centers, underscore the harsh reality that these "gifts" of rice and provisions are not symbols of relief but rather the nation's albatross a heavy burden reflecting the failure of leadership to prioritize sustainable solutions. this climate of darkness, where hunger drives people to risk their lives for a bag of rice, is a damning indictment of the state of the nation. instead of empowering citizens with policies that promote economic independence and social equity, palliatives are being used as political tools to pacify and control the masses. they are temporary fixes that perpetuate dependency while masking the deeper structural problems that keep millions in abject poverty. the tragedy lies not just in the loss of lives but in the normalization of this cycle of desperation. it is time for nigeria to rethink its approach to addressing poverty. palliatives should never substitute for policies that create jobs, improve healthcare, invest in education, and ensure access to basic amenities. a nation cannot rise from poverty on the back of handouts it requires deliberate efforts to build an economy that works for everyone, not just a privileged few. until this happens, the palliative system will remain a weapon of mass destruction a cruel irony in a land of abundant resources. the lives lost during these scrambles for survival should serve as a wake up call to leaders and citizens alike: the time for sustainable change is now. to view or add a comment, sign in 1,663 followers the central government has distributed ration cards to the poor, aiming to reduce poverty through free ration. however, can poverty be eradicated with ration alone? while over 80 crore people receive rations, 2 3 crore still miss out. the supreme court, reviewing a petition regarding the provision of rations to migrant workers under the national food security act, emphasized that job creation, not just free ration, is the key to addressing poverty. the central government is responsible for the ration scheme, while state governments distribute ration cards to appease the public. if states were solely responsible, they likely wouldn’t continue issuing ration cards. while some argue that free rations have helped reduce poverty to some extent, they overlook the fact that poverty persists. rationing only changes people's diet; it doesn’t improve their living conditions. what’s truly needed is employment. instead of keeping people in poverty with free rations and kits, the central and state governments must focus on creating job opportunities that empower citizens to be self sufficient. the central and state governments should interpret the supreme court's remarks in this light. . . #povertyeradication #rationdistribution #foodsecurity #jobcreation #selfsufficiency #migrantworkers #empowerment #nationalfoodsecurity #socialwelfare to view or add a comment, sign in 44,035 followers create your free account or sign in to continue your search or by clicking continue to join or sign in, you agree to linkedin’s user agreement, privacy policy, and cookie policy. new to linkedin? join now or new to linkedin? join now by clicking continue to join or sign in, you agree to linkedin’s user agreement, privacy policy, and cookie policy. linkedin never miss a beat on the app don’t have the app? get it in the microsoft store.

the west african nation's economic crisis has hit boiling point. nigerians' anger over rampant inflation and the spiraling cost of food has reached fever pitch. who is to blame for the growing financial pain? the streets of lagos, nigeria's largest city, are packed with angry demonstrators calling to "end hardship now!" amid the west african country's worst economic crisis in more than two decades. the protests kicked off on tuesday after one of the country's main unions, the nigeria labour congress (nlc), called for nigerians to come out to the streets. ‘'there is suffering in the land, there is suffering for the workers, no worker can live on 30,000 naira ($18.40) minimum wage and over 150 million nigerians are living below the poverty line," nlc president joe ajaero told demonstrators. when nigerian president bola tinubu took office in may 2023, he removed a fuel subsidy as part of his economic reforms. but the measures sent fuel costs soaring and the prices of food and transport almost tripled. the naira lost around 70% of its value and dropped to record lows after tinubu last year scrapped the pegging of the naira to the us dollar. last may, 10,000 naira would buy $22   now it will only fetch around $6.40. the plunging naira has resulted in a rise in the price of all imported products   and inflation has soared to 30%. but nigerian economist tunji andrews told dw that the fuel subsidy's scrappage was not what tipped the nigerian economy over the edge. "the downturn had been before he came into office," said andrews. "the removal just made it harder. it increased inflation, which is natural. it just made it harder for most people to be able to live." and it is ordinary citizens who have been bearing the brunt of the slump because nigerian wages have not kept up with the rising cost of living. "the hardship in the land is very, very alarming," one protester in lagos told dw. "the masses of nigerians are suffering, and the federal governments are not doing the needful. they made a lot of promises and they have not fulfilled one." another lagosian told dw that she struggles to afford medicine. "i bought my hypertension medication for 6,000 naira   now it's 9,000 naira. the masses can't afford it, people are dying," she said. "it's terrible. foodstuff has skyrocketed. pure water cost 300 and is now at 600. we need a miracle." there are two major issues, according to andrews. "there is the challenge of high inflation and there's also the secondary issue of devaluation of the currency," the economist told dw. nigerians who are concerned about the sliding naira currency have been buying up us dollars which they consider a more stable currency. the sharp fall in the naira value against the dollar has prompted nigerians to stockpile dollars. "and the black market is dictating what the rate of getting dollars is in the country. which shouldn't be. but that's the scenario," andrews told dw. to view this video please enable javascript, and consider upgrading to a web browser that supports html5 video tinubu inherited a range of challenges from his predecessor, muhammadu buhari. high unemployment, record inflation and widespread insecurity. during tinubu's election campaign, he vowed to deal with these issues, but the unions say his government has failed to deliver on his promises   including a monthly wage increase for all workers, payments to millions of vulnerable households, and the rollout of gas powered buses for mass transit. andrews said that nigerians all need basics such as food, transport and power. "i think if they can have that, nigerians are very resilient, and they will create jobs for themselves," he told dw. "if they can get adequate power, if the food prices can reduced and the removal of petrol prices, then i'm sure that there will be some short term succor for the average nigerian. andrews acknowledged that the crisis started even before tinubu's government came into power. "there had been the challenge of liquidity, the economy had experienced some fragility," the economist told dw. "so there was fire, and we then put petrol on it, and it exacerbated the scenario. it is my genuine thought that it is not a tinubu issue per se, but maybe the fact that his policies could have been differently implemented for a better result." to view this video please enable javascript, and consider upgrading to a web browser that supports html5 video tinubu's government says it is working to address the crisis. in a bid to tame inflation, nigeria's central bank raised interest rates by four percentage points to 22.75%. nigeria's government announced the setup of a board charged with regulating food prices and ordered the national grain reserve to distribute 42,000 tonnes of grain to poor and vulnerable nigerians. labor unions are concerned that much of it does not actually reach poor families. additionally, the government plans to support rice producers to get more produce onto the market. around 15 million poorer households are receiving a cash transfer of 25,000 naira a month. nigeria needs long term fixes in order to turn around its ailing economy and make it more productive, andrews said. "let's have more production and more factories. let's make it work for the factories so that we have more factories coming in than leaving the country," he told dw. "that will be a more sustainable fix for the economy at large." edited by: keith walker

nigeria is currently experiencing its worst economic crisis in a generation, leading to widespread hardship and anger. a litre of petrol costs more than three times what it did nine months ago, while the price of the staple food, rice, has more than doubled in the past year. these two figures highlight the difficulties that many nigerians are facing as wages have not kept up with the rising cost of living. like many nations, nigeria has experienced economic shocks from beyond its shores in recent years, but there are also issues specific to the country, partly driven by the reforms introduced by president bola tinubu when he took office last may. overall, annual inflation, which is the average rate at which prices go up, is now close to 30%   the highest figure in nearly three decades. the cost of food has risen even more   by 35%. however, the monthly minimum wage, set by the government and which all employers are supposed to observe, has not changed since 2019, when it was put at 30,000 naira   this is worth just $19 (£15) at current exchange rates. many are going hungry, rationing what food they have or looking for cheaper alternatives. in the north, some people are now eating the rice that is normally discarded as part of the milling process. the waste product usually goes into fish food. widely shared social media videos indicate how some are reducing portion sizes. one clip shows a woman cutting a fish into nine pieces rather than the average four to five. she is heard saying her goal is to ensure her family can at least eat some fish twice a week. inflation has soared in many countries, as fuel and other costs spiked as a result of the war in ukraine. but president tinubu's efforts to remodel the economy have also added to the burden. on the day he was sworn in nine months ago, the new president announced that the long standing fuel subsidy would be ending. this had kept petrol prices low for citizens of this oil producing nation, but it was also a huge drain on public finances. in the first half of 2023, it accounted for 15% of the budget   more than the government spent on health or education. mr tinubu argued that this could be better used elsewhere. however, the subsequent huge jump in the price of petrol has caused other prices to rise as companies pass on transportation and energy costs to the consumer. one other factor that is pushing up inflation is an issue that mr tinubu inherited from his predecessor, muhammadu buhari, according to financial analyst tilewa adebajo. he told the bbc's newsday programme that the previous government had asked the country's central bank for short term loans to cover spending amounting to $19bn. the bank printed the money, which helped fuel inflation, mr adebajo said. mr tinubu also ended the policy of pegging the price of the currency, the naira, to the us dollar rather than leaving it up to the market to determine on the basis of supply and demand. the central bank was spending a lot of money maintaining the level. but scrapping the peg has led the naira's value to plunge by more than two thirds, briefly hitting an all time low last week. last may, 10,000 naira would buy $22, now it will only fetch around $6.40. as the naira is worth less, the price of all imported products has gone up. while the president is unlikely to reverse his decisions on the fuel subsidy and the naira, which he argues will pay off in the long run by making nigeria's economy stronger, the government has introduced some measures to ease the suffering. nigeria's vice president kashim shettima announced the establishment of a board charged with controlling and regulating food prices. the government also ordered the national grain reserve to distribute 42,000 tonnes of grains, including maize and millet. this is not the first time the government has said it is distributing aid to poor and vulnerable nigerians, but labour unions have often criticised the government's method of food distribution, saying much of it does not reach poor families. the government has also said it is working with rice producers to get more of it into markets and customs officials have been instructed to cheaply sell off bags of the grain that they have seized. in a sign of how bad things are, on friday this led to a crush in the biggest city, lagos, which killed seven people, local media report. these hand outs have now been halted. the rice was seized under the previous government, which banned imports of rice to encourage local farmers to grow more. that ban was lifted last year in at attempt to bring down the cost but because of the fall in the value of the naira, that has not worked. around 15 million poorer households are also receiving a cash transfer of 25,000 naira ($16; £13) a month, but these days that doesn't go very far. the authorities want vehicles to switch to gas but the transition has been hampered by a lack of filling stations. columbia gem house denies government claims that it owes $309bn in unpaid taxes and royalties. since the coup last year, the junta has been trying to reduce french influence in the country. germany agrees to ease some of its immigration laws to enable kenyans find employment in the european's biggest economy. emily nkhana shares tips with the bbc on how to make banana wine. copyright 2025 bbc. all rights reserved. the bbc is not responsible for the content of external sites. read about our approach to external linking.

the worst economic crisis in decades in nigeria has citizens sacrificing to get by. medicines, food and other basic commodities are priced beyond the reach of many. police in nigeria have used tear gas to disperse demonstrators in the capital, abuja, and the northern city of kano as thousands of people in cities across the west african country joined rallies to protest the high cost of living. at least 13 people were killed as the mass protests turned violent, rights group amnesty international said on friday. nigerians' anger over rampant inflation and the spiraling cost of food and medicine has reached fever pitch. toyin ogundeko, a resident of lagos and a caterer by profession, lives with asthma. her son has the condition, too. but medicines have become so expensive in nigeria that they can't afford the inhalers they need. amid a worsening economic crisis, ogundeko isn't sure how they will get by. "with the way the economy is going, things are really getting tough. you're struggling to buy foodstuffs, and you're also trying to stock up on your medication," she told dw. "so, for me i can cut down on the inhaler for myself. i won't cut it for my child," she said. the worst economic crisis in nigeria in decades has cost the country the ranking as africa's biggest economy. and inflation and a volatile exchange rate are driving the cost of living up in the nation of more than 200 million people. higher drug import prices have led to local price hikes and a scarcity of basic medicines. pharmacist emmanuel olaogun oladeji says nigerian drug manufacturers simply can't plug the gap. "there is a limit to what local manufacturers can do. we are grateful to have the likes of emzor pharmaceuticals and some other indigenous manufacturers in the country, but there is a limit to what they can do," oladeji told dw. to view this video please enable javascript, and consider upgrading to a web browser that supports html5 video analysts predict that nigeria could plunge to fourth position on the list of african economies in 2024. businesses are struggling to stay afloat. "what caused our problem in nigeria today is the devaluation of our national currency against the us dollar," alhaji sani nasidi, a veteran businessman, told dw. the high cost of essential commodities citizens are facing is a direct result, he said. as a way out of the current crisis, nasidi suggested that "nigeria needs to run away from a dollar economy." president bola tinubu has embarked on a bold set of economic reforms that he argues are necessary and will bear fruit in the future. his decision to remove fuel subsidies was seen as abrupt. it led to the doubling of fuel prices, rising food and transport costs and an increase in the price of imported products. according to financial analyst and former banker aminu philip yado, the high fuel costs are impacting nigerians broadly. "transportation is one of the major factors that affects the cost of produce in the market," yado said. "when you go to the farm and you have to harvest and transport at a very high cost, there is no way you can come to the market and charge low. you would certainly have to charge profitably and sustainably." nigerian labor unions have called several nationwide strikes over salaries that are too low to keep up with inflation. "the same inflation is what caused companies to run away from nigeria because they would not be making a profit," said alhaji sani nasidi, the businessman. "the quality of goods and services they normally produce would be reduced, and people would not have money to buy it." aminu philip yado, the financial analyst, believes that the economy needs innovation. "what is basically wrong with the economy is that the managers of the economy themselves are not really having the economy at heart. everybody that gets there struggles for his own and not the nigerian people," yado told dw. yado sees a lack of investment in major infrastructure that could grow the economy and create jobs for youth as a key factor in the deepening economic crisis. "when they talk of borrowing, in fact how much [...] of this borrowing that they want to invest in the nigerian infrastructure actually goes into investment in that infrastructure in nigeria?" he asks. nigeria also faces an energy crisis. tinubu is trying to rejuvenate the national power grid by pouring in public money instead of subsidizing electricity for those who cannot afford to pay. after he scrapped fuel subsidies, tinubu did away with a series of electricity subsidies. "if there is power in nigeria today, all artisans that depend on power to do their business will go back to doing their business at a cheaper cost than they are doing now," said yado. to view this video please enable javascript, and consider upgrading to a web browser that supports html5 video most business owners are forced to buy generators to keep operations going. this trend, the financial analyst told dw, is not sustainable. in the meantime, citizens like toyin ogundeko hope the government brings in quick interventions. "people have all sorts of complicated conditions, and imagine how they're coping?" she said. "so, for me it's a plea to the government: whatever needs to be done, first find a way to stabilize this economy. things are getting out of hand." edited by: benita van eyssen while you're here: every weekday, we host africalink, a podcast packed with news, politics, culture and more. you can listen and follow africalink wherever you get your podcasts.

agree & join linkedin by clicking continue to join or sign in, you agree to linkedin’s user agreement, privacy policy, and cookie policy. nigeria's economic crisis can become the world's #security crisis only two years ago africa’s biggest economy, #nigeria is projected to drop to fourth place this year. according to the united nations, #nigeria's population is expected to reach 377 million by 2050, which would make it the third most populated country in the world, behind #china and #india. with skyrocketing inflation, when #food, #medicine, and #fuel become inaccessible, the pain is widespread. if not addressed appropriately and immediately, it will be the next crisis for global security. https://lnkd.in/edfjs2qa the margin ninja for healthcare practices | driving top line growth & bottom line savings without major overhauls or disruptions | partner at margin ninja | dm me for your free assessment(s) indeed, addressing nigeria's economic challenges is crucial to prevent potential global security risks. nagesh n. b. to view or add a comment, sign in founder & ceo | potential & life design coach | the hidden potential project nigeria confronts its worst economic crisis in a generation people in africa’s most populous nation are suffering as the price of food, fuel and medicine has skyrocketed out of reach for many. nigeria is facing its worst economic crisis in decades, with skyrocketing inflation, a national currency in free fall and millions of people struggling to buy food. only two years ago africa’s biggest economy, nigeria is projected to drop to fourth place this year. the pain is widespread. unions strike to protest salaries of around $20 a month. people die in stampedes, desperate for free sacks of rice. hospitals are overrun with women wracked by spasms from calcium deficiencies. the crisis is largely believed to be rooted in two major changes implemented by a president elected 15 months ago: the partial removal of fuel subsidies and the floating of the currency, which together have caused major price rises. a nation of entrepreneurs, nigeria’s more than 200 million citizens are skilled at managing in tough circumstances, without the services states usually provide. they generate their own electricity and source their own water. they take up arms and defend their communities when the armed forces cannot. they negotiate with kidnappers when family members are abducted. to view or add a comment, sign in https://lnkd.in/g6mazfgy people in africa’s most populous nation are suffering as the price of food, fuel and medicine has skyrocketed out of reach for many. nigeria is facing its worst economic crisis in decades, with skyrocketing inflation, a national currency in free fall and millions of people struggling to buy food. only two years ago africa’s biggest economy, nigeria is projected to drop to fourth place this year. the pain is widespread. unions strike to protest salaries of around $20 a month. people die in stampedes, desperate for free sacks of rice. hospitals are overrun with women wracked by spasms from calcium deficiencies. the crisis is largely believed to be rooted in two major changes implemented by a president elected 15 months ago: the partial removal of fuel subsidies and the floating of the currency, which together have caused major price rises. to view or add a comment, sign in 129 followers nigeria is facing its worst economic crisis in decades, with skyrocketing inflation, a national currency in free fall and millions of people struggling to buy food. only two years ago africa’s biggest economy, nigeria is projected to drop to fourth place this year. the pain is widespread. unions strike to protest salaries of around $20 a month. people die in stampedes, desperate for free sacks of rice. hospitals are overrun with women wracked by spasms from calcium deficiencies. more than 87 million people in nigeria, africa’s most populous country, live below the poverty line   the world’s second largest poor population after india, a country seven times its size. and punishing inflation means poverty rates are expected to rise still further this year and next, according to the world bank. but over 92 percent of working age nigerians are in the informal sector, where there are no wages, and no unions to fight for them. https://lnkd.in/d86tyrp9 to view or add a comment, sign in nigeria is facing its worst economic crisis in decades, with skyrocketing inflation, a national currency in free fall and millions of people struggling to buy food. only two years ago africa’s biggest economy, nigeria is projected to drop to fourth place this year. the pain is widespread. unions strike to protest salaries of around $20 a month. people die in stampedes, desperate for free sacks of rice. hospitals are overrun with women wracked by spasms from calcium deficiencies. the crisis is largely believed to be rooted in two major changes implemented by a president elected 15 months ago: the partial removal of fuel subsidies and the floating of the currency, which together have caused major price rises. a nation of entrepreneurs, nigeria’s more than 200 million citizens are skilled at managing in tough circumstances, without the services states usually provide. they generate their own electricity and source their own water. they take up arms and defend their communities when the armed forces cannot. they negotiate with kidnappers when family members are abducted. but right now, their resourcefulness is being stretched to the limit. https://lnkd.in/d5zvusuz to view or add a comment, sign in 166 followers inflation in nigeria hits a concerning 33.88% in october 2024, driven by rising transportation costs, food price surges, and economic policies like fuel subsidy removal. with severe flooding and insecurity affecting farm supplies, food inflation alone has risen by 7.64% compared to october 2023. the economic strain continues to deepen for nigerians. to view or add a comment, sign in chief executive officer at inspection&facilities management services limited #nigeria's current situation ¹ ²: nigeria is facing its worst economic crisis in decades, with skyrocketing inflation and a national currency in free fall. the country has the largest economy and population in africa, but offers limited opportunities to its citizens.  despite being a major oil producer, nigeria is heavily dependent on imported petroleum products.   the government's removal of fuel subsidies and floating of the currency have led to major price rises and widespread poverty.   inflation has reached a 24 year high of 31.7%, pushing millions into poverty.   the crisis has led to a decline in social services, with hospitals, schools, and other essential services struggling to cope.   the country is facing challenges such as insecurity, kidnapping, and separatist agitations, which are impacting economic development.   recent reforms offer a chance for a new social compact for nigeria's development, but the continuation of reform momentum is essential for nigeria to reap its full benefits. to view or add a comment, sign in marketing, business communication, digital advocacy leader: communications head @ byst, consultant, wordpreneur: translating english to english... https://lnkd.in/gbrvhm6x more than 87 million people in nigeria, africa’s most populous country, live below the poverty line   the world’s second largest poor population after india, a country seven times its size. and punishing inflation means poverty rates are expected to rise still further this year and next, according to the world bank. last week, unions shut down hospitals, courts, schools, airports and even the country’s parliament, striking in an attempt to force the government to increase the monthly salary of $20 it pays its lowest workers. but over 92 percent of working age nigerians are in the informal sector, where there are no wages, and no unions to fight for them. it’s gotten so dire that there have been several deadly stampedes for free or discounted rice distributed by the government   including one in march at a university in the central state of nasarawa where seven students were killed. president bola tinubu promised to create a million jobs and quadruple the size of the economy within a decade, but has not said how. the international monetary fund said last month the state has started subsidizing fuel and electricity again   though the government has not acknowledged this. “there’s still very little clarity   if any   on where the economy is headed, what the priorities are,” said zainab usman, a political economist and director of the africa program at the carnegie endowment for international peace. #nigeria #poverty #livelihoods #nutrition #publichealth to view or add a comment, sign in co founder/director at earn integrated resources and services ltd hello folks, nigeria is facing severe economic hardship, characterized by high inflation, rising unemployment, and a depreciating currency. the government's current economic reforms have been largely ineffective, failing to stabilize the economy or attract significant investment. key issues include reliance on oil revenues, which are volatile and insufficient for sustainable growth, and policy inconsistencies that undermine investor confidence. additionally, structural problems like inadequate infrastructure, widespread poverty, and limited access to essential services exacerbate the situation, leading to increased social unrest and a pressing need for more effective economic strategies. best regards. to view or add a comment, sign in assistant director and mission chief for nigeria at the international monetary fund here’s our 2024 imf report on nigeria. very grateful for the excellent discussions with the nigerian authorities and to the imf’s nigeria team for their fabulous work. topline messages: the imf welcomes the nigerian authorities’ determination to push ahead with reforms to address distortions and bottlenecks that had been built up over years and are holding nigeria and nigerians back from reaching their potential. we appreciate that there is a lot of pain for nigerians right now, and our policy advice aims to provide support for those in need and reinvigorate growth as well as job creation. a. with food price inflation reaching 40 percent year on year in march, addressing food insecurity is the immediate priority. b. the resumption of cash transfers to vulnerable households is an important step to help address the impact of food insecurity. 3) sequencing of reforms is important to ensure that the most vulnerable are protected. specifically, the cash transfer system and other social support systems need to be scaled up urgently to help nigerians manage the ongoing cost of living crisis. full report available here for your weekend reading: https://lnkd.in/etjenqcw to view or add a comment, sign in 1,693 followers create your free account or sign in to continue your search or by clicking continue to join or sign in, you agree to linkedin’s user agreement, privacy policy, and cookie policy. new to linkedin? join now or new to linkedin? join now by clicking continue to join or sign in, you agree to linkedin’s user agreement, privacy policy, and cookie policy. linkedin never miss a beat on the app don’t have the app? get it in the microsoft store.

nairaland forum / nairaland / general / politics / nigeria confronts its worst economic crisis in a generation  the new york times (1673 views) nigeria confronts its worst economic crisis in a generation / tinubu inherited the worst economic challenges so far in nigeria’s history   apc / floating of naira worst economic decision   pengassan (2) (3) (4) (1) (2) (reply) (go down) 9 likes 3 shares 9 likes 2 shares 21 likes 5 shares 11 likes 3 shares 17 likes 3 shares 13 likes 3 shares 6 likes 5 likes 6 likes 2 shares 10 likes 2 shares 5 likes 13 likes 2 shares 5 likes 3 likes 9 likes 2 shares 3 likes 2 likes 7 likes 1 share 6 likes 1 share 1 like 3 likes 1 share 4 likes 1 like 4 likes 1 like 5 likes 1 like 3 likes (1) (2) (reply) tinubu should release nnamdi kanu, ojukwu did it for awolowo / massive protest in enugu / the development problem of nigeria is not corruption (go up) links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) nairaland   copyright © 2005   2025 oluwaseun osewa. all rights reserved. see how to advertise. 93disclaimer: every nairaland member is solely responsible for anything that he/she posts or uploads on nairaland.

recent and archived work by taiwo aina for the new york times people in africa’s most populous nation are suffering as the price of food, fuel and medicine has skyrocketed out of reach for many. by ruth maclean, ismail auwal and taiwo aina

trending datanon communicable diseases cause 70% of global deaths country dropdown the world bank is helping to fight poverty and improve living standards for the people of nigeria with more than 130 ibrd loans and ida credits since 1958. nigeria is a multi ethnic and culturally diverse federation of 36 autonomous states and the federal capital territory. the political landscape is partly dominated by the ruling all progressives congress party (apc) which controls the executive arm of government and holds majority seats at both the senate and house of representatives in parliament, and majority of the states. president bola ahmed tinubu was sworn into office on may 29, 2023, having won the february 2023 presidential election. nigeria continues to face many social and economic challenges that include insecurity such as banditry and kidnappings especially in the northwest region, continued insurgency by terrorist groups in the north east, and separatist agitations in the south east. president tinubu has continuously pledged to turn around the economy and ensure security across the country. civil society, the media and other civil groups have committed to sustain advocacy for reforms and actions towards better economic and social outcomes for citizens. during 2015 2022, growth rates decreased and gdp per capita flattened, driven by policy missteps compounded by shocks. monetary and exchange rate policies become increasingly distortive and eroded confidence, fiscal deficits increased due to lower oil production and costly subsidies (for electricity, gasoline, and implicitly to maintain an increasingly overvalued official exchange rate), and trade protectionism increased. the economy was also buffeted by external shocks such as the covid 19 pandemic, and higher global food and fertilizer prices following russia’s invasion of ukraine, and domestic shocks such a destructive demonetization policy in early 2023, and devastating floods in october 2022 and september 2024. following a change in administration in may 2023, the country has been pursuing bold reforms to reestablish macroeconomic conditions for stability and growth. the gasoline subsidy has been substantially eliminated, and the exchange rate has been unified and allowed to be market reflective, eliminating the parallel market premium and generating large fiscal and economic benefits. the central bank of nigeria has appropriately tightened monetary policy and refocused on its price stability mandate, facilitated by the authorities’ commitment to end deficit monetization. although these measures are helping nigeria’s economy turn the corner, inflation remains high, increasing hardship and poverty. to support the poorest and more economically at risk households, the government has been implementing temporary cash transfers to reach 15 million households. the macroeconomic reforms, if sustained and expanded, create a new platform to ignite growth and poverty reduction, also calling for deep structural reforms. ongoing reforms boost international competitiveness, increase the attractiveness of nigeria for domestic and foreign investments, and have started to reduce debt related fiscal risks and reopen fiscal space. yet, addressing longstanding and potentially binding constraints to growth are crucial for nigeria to sustain stronger growth. this requires reducing trade barriers, improving trade facilitation, increasing access to reliable power supply, and improving the business environment. transport infrastructure investments led by the private sector could integrate the domestic market, allowing businesses to reap economies of scale. improving creative destruction forces for productivity growth rely on not only lowering import barriers, but also improving competition policy and its enforcement. reducing insecurity, from banditry to informal checkpoints along trade corridors, is essential to increase production across sectors such as agriculture and the oil sector. despite having the largest economy and population in africa, nigeria offers limited opportunities to most of its citizens. nigerians born in 2020 are expected to be future workers 36% as productive as they could be if they had full access to education and health, the 7th lowest human capital index in the world. weak job creation and entrepreneurial prospects stifle the absorption of the 3.5 million nigerians entering the labor force every year, and many workers choose to emigrate in search of better opportunities. the poverty rate is estimated to have reached 38.9% in 2023, with an estimated 87 million nigerians living below the poverty line   the world’s second largest poor population after india. spatial inequality continues to be large, with the best performing regions of nigeria comparing favorably to upper middle income countries, while the worst performing states fare below the average for low income. in most areas of nigeria, state capacity is low, service delivery is limited, and insecurity and violence are widespread. infrastructure gaps constrain access to electricity and hinder the domestic economic integration that would allow the country to leverage its large market size, which is aggravated by trade protectionism. emerging problems such as the increased severity and frequency of extreme weather events, especially in the northern parts of the country, add to these long standing development challenges. recent reforms offer a launching pad to a new social compact for nigeria’s development. strengthening macroeconomic fundamentals will allow structural reforms to be pursued and economic growth to be restored. the current low social and economic equilibrium could be switched to one marked by a better funded and more effective state that provides efficient public services, public goods, and a conducive economic environment for the private sector to flourish and create more quality jobs for nigerians. last updated: oct 14, 2024 the world bank group enjoys a strong partnership with nigeria through a strategy to support the government in its development’s objectives to end extreme poverty and increase shared prosperity. a new country partnership framework (cpf) was approved in december 2020 to guide the world bank group’s support to nigeria from 2021 2024. the country partnership strategy period (fy2020 fy2024) is structured around four key engagement areas: the world bank is supporting nigeria with an active investment of $12.2 billion in financing from the international development association (ida) and international bank for reconstruction and development (ibrd). nigeria is also one of the international finance corporation’s (ifc) fastest growing portfolios in the region. the world bank group’s support is structured around several priorities as highlighted in the cpf which aims to promote diversified growth and job creation, with a focus on youth, women, and the poor in marginalized areas, and social inclusion, through higher quality and efficiency in social service delivery at the state level. it also aims at fostering macroeconomic resilience and advancing structural reforms for private sector led, non oil growth. this includes empowering women and girls and increasing their human capital and economic opportunities, increasing domestic revenue mobilization, and improving the quality of public expenditures and strengthening debt management. the world bank group also supports increased engagement in the climate resilient agenda as well as nigeria’s response to the covid 19 pandemic and its post recovery efforts. in conflict affected north east nigeria, the bank group is stepping up its support to address service delivery gaps, livelihood deficits, and social cohesion issues, as well as providing support to economic diversification. last updated: oct 14, 2024 the world bank’s support for the energy sector includes the nigeria electrification project (nep), which has helped nigeria to provide reliable access to electricity services: the world bank provides support for education through the better education service delivery for all project to increase equitable access for out of school children and improve literacy; and the adolescent girls initiative for learning and empowerment to improve the enrollment, transition, and completion rates of girls in secondary schools in nigeria by addressing key demand  and supply side constraints, including: the nigeria   accelerating nutrition results project has reached a total of 8,567,929 children under five years of age with nutrition services (457,434 being children of adolescent mothers 15   19 years). this is further broken down as follows:   883,679 pregnant women received a minimum of 90 tablets of iron folic acid or equivalent multiple micronutrient supplement (mms).   650,333 pregnant women have received at least three doses of anti malarial medicines for prevention of malaria. the national social safety net program scale up (nassp su) is supporting the following: last updated: oct 14, 2024 the wbg is an active partner in donor coordination. partners in nigeria include: african development bank (afdb); canadian international development agency (cida); european union (eu); french development agency (afd); german agency for international development (giz); german development bank kfw; international monetary fund (imf); islamic development bank; japan international cooperation agency (jica); uk department for international development (dfid); united states agency for international development (usaid); bill & melinda gates foundation; and the agencies of the united nations, particularly the undp and unicef. last updated: oct 14, 2024 find out what the bank group's branches are doing in nigeria. stay current with our latest data & insights © 2025 world bank group. all rights reserved. this site uses cookies to optimize functionality and give you the best possible experience. if you continue to navigate this website beyond 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people in africa’s most populous nation are suffering as the price of food, fuel and medicine has skyrocketed out of reach for many. nigeria is facing its worst economic crisis in decades, with skyrocketing inflation, a national currency in freefall and millions of people struggling to buy food. only two years ago africa’s biggest economy, nigeria is projected to drop to fourth place this year. the pain is widespread. unions strike to protest salaries of around $20 a month. people die in stampedes, desperate for free sacks of rice. hospitals are overrun with women wracked by spasms from calcium deficiencies. the crisis is largely believed to be rooted in two major changes implemented by a president elected 15 months ago: the partial removal of fuel subsidies and the floating of the currency, which together have caused major price rises. a nation of entrepreneurs, nigeria’s more than 200 million citizens are skilled at managing in tough circumstances, without the services states usually provide. they generate their own electricity and source their own water. they take up arms and defend their communities when the armed forces cannot. they negotiate with kidnappers when family members are abducted. but right now, their resourcefulness is being stretched to the limit. on a recent morning in a corner of the biggest emergency room in northern nigeria, three women were convulsing in painful spasms, unable to speak. each year, the e.r. at murtala muhammed specialist hospital in kano, nigeria’s second largest city, received one or two cases of hypocalcemia caused by malnutrition, said salisu garba, a kindly health worker who hurried from bed to bed, ward to ward. now, with many unable to afford food, the hospital sees multiple cases every day. mr. garba was sizing up the women’s husbands. which source of nutrition he recommended depended on what he thought they could afford. baobab leaves or tiger nuts for the poor; boiled up bones for the slightly better off.