By Babajide Komolafe
A Comercio Partners survey has shown that over 83per cent of Nigerians experience greater difficulty in affording food, housing, and healthcare compared to the previous year.
Presenting the report yesterday at the Comercio Partners H2 Macroeconomic Outlook in Lagos, Head Investment Research, Comercio Partners, Dr. Ifeanyi Ubah noted that the survey showed that Nigeria’s economic outlook is a tale of two realities. Official metrics herald progress: inflation cools, unemployment shrinks, and GDP surges. Yet, the people’s experience; rising costs, stagnant incomes, and elusive opportunities, reveals a stark disparity.
The survey showed that: “A substantial majority of respondents (94.3%) reported an increase in prices of regularly purchased goods and services, with 72.5% experiencing significant hikes. Contrastingly, income changes have not kept pace, as only 37.5% of respondents reported increased salaries, while 48.2% reported no change and 14.3% reported salary decreases.
“Increased economic pressures have notably impacted the affordability of basic necessities, with 83% indicating greater difficulty in affording food, housing, and healthcare compared to the previous year.”
While the survey also showed that 43% of respondents disagree with official inflation figures and 69.6% consider government policy ineffective, it however showed that 64.3% expressed optimism that their financial situation would significantly improve in the coming year.
Speaking further, Ubah averred that, “The survey’s grim insights, food insecurity, financial fragility, and policy disillusionment suggest that growth, as currently structured, is not a tide lifting all boats but a wave drowning many. For Nigeria to transcend this quagmire and avert immiserizing growth, bold action is needed.
“Nigeria’s new reality holds promise, projects hold that we could have an economy of $13trillion by 20756, but only if it bridges data and destiny. Without this, statistical triumphs will remain hollow, and growth will immiserize rather than empower, a cautionary tale for a nation at a crossroads.”
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