According to a report by Newsmen on Sunday February 11, 2024, in a grim turn of events, Nigerian families find themselves grappling with the harsh realities of an economy plagued by soaring prices.
The recent surge in the cost of essential goods and services has forced households to adopt unconventional cost-cutting measures just to make ends meet.
Rice, a staple food and a dietary cornerstone for many Nigerians, has become a symbol of this economic turmoil.
With prices reaching an unprecedented N77,000 per bag, families are feeling the strain on their wallets. The once-affordable grain has now become a luxury that eludes the grasp of ordinary citizens.
The National Bureau of Statistics, in a sobering report, revealed that the country's inflation rate has hit a 27-year high, with headline inflation soaring to 28.9 percent.
This alarming figure reflects the severity of the economic crisis faced by Nigerians.
She said, "It has been a hard time for me and my family. The country hasn't been in the right position for the past eight months. I have been struggling with my family to clear up our electricity bills. Coupled with the ever-rising price of foodstuffs, I don't know if I am going to survive.
"I used to operate an online business but it has packed up. There's no gain on any business in Nigeria like before anymore. I am just striving to survive.
"The surprising thing is that a small carton of noodles is now N7,000 to N7,800. We used to buy it for between N1,900 and N2,000 in the past. It is so shocking that the price of a bag of rice continues to change almost every minute.
The shock extends beyond rice. A small carton of noodles, once a budget-friendly meal option, now commands a staggering N7,000 to N7,800. In the past, it was available for a fraction of that price-between N1,900 and N2,000. The volatility of rice prices adds to the uncertainty, fluctuating almost minute by minute.
A housewife simply identified as Wunmi said, "The government needs to come to our aid now as everything is very hard. A bag of beans is now N65,000, which is three times the price it used to be. Also, groundnut oil is now N8,400 for four litres, and a bag of rice is now N70,000.
Further findings by our correspondents revealed that a kilogramme of Semovita, which sold for N800 four months ago, now sells for N1,200.
The price of beans also increased from around N1,500 to N4,200 per tin.
A trader, Mrs Bamise Olaiya, said, "The prices of the foodstuffs are just annoying. I came to the market with N8,000 to buy some food items but the prices have changed between last week and now.
Just last week, I bought three portions of tomatoes for N1,200 and pepper for N1,000, but today I have spent N4,200 for the same items. Pepper grinding has also increased from N200 to N300."
Another Lagos resident and father of four, Mr Taiwo Babatunde, said he could no longer afford to feed his family like he used to.
"This is getting too much. We hope the government will come to help us."
Comments