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As the curtains begin their descent on 2022, food, a basic need for human existence, is increasingly out of reach for more Nigerians. The prices of staples like yam, maize, rice, and fish have continued to rise.
As the economic fortunes and living standards of Nigerians decline by the day, with 133 of their country’s 211 million population poor, many are forced to leave the country.
In the last six months, Nigeria witnessed little to zero appreciation in economic activities; the novel virus of 2019 takes credit in part for that. The second fiscal quarter further ushered in a 6.05 per cent slump in gross domestic product, per the Nigerian Bureau of Statistics (NBS) report. And while the oil sector typically takes the blame for these economic issues, non-oil economic activities contributed to the negative returns witnessed. Most noteworthy, the decline in the non-oil sector would be the first since the notorious slump of 2016.
Everything increased in price, salary reduced”, Joy Agnes, a low-income earner in Abuja told us. Following the structured resumption of work after the COVID-19 lockdown, Agnes’ employers had renegotiated her contract. The new arrangement meant that instead of working five days a week, she would only work on three alternate weekdays. And while this new arrangement implied lesser pay, she was excited to still have a job; some of her laid off colleagues did not share the same “luck”. Yet, increased responsibility with less pay amid increasing market prices is not the “Nigerian dream”. Not to mention, the increased cost of transportation; a tall order!
What can the rise in the price of food items and essential commodities tell us? What happens when a global pandemic ravages through a third world country already at the brink of an economic recession? A DATAPHYTE report in June 2020 answers some of these questions.
National Bureau of Statistics’ recently published Nigerian Living Standards Survey indicates that 40.09 percent of Nigerian are poor. With a staggering population of 205 million people, over 80 million Nigerians live in poverty. Whereas the poverty rate in urban areas is only 18.04 percent, as much as 52.1 percent of rural dwellers are poor.
With a staggering population of 205 million people, over 80 million Nigerians live in poverty. This is according to the Nigerian Living Standards Survey report published by the National Bureau of Statistics. The recently published data indicates that 40.09 percent of Nigerian are poor. Whereas the poverty rate in urban areas is only 18.04 percent, as much as 52.1 percent of rural dwellers are poor.
Demonstrations and protests from labour unions seeking an upward review of the N18,000 minimum wage yielded positive gains as President Muhammadu Buhari signed a new minimum wage of 30,000 naira for the workers in April.
