Nigeria faces rising inflation and poverty concerns

Nigeria is grappling with significant economic challenges as inflation rose to 18.17% in March, up from 17.33% in February. This surge represents a 49-month high, according to the National Bureau of Statistics (NBS). In response, the Manufacturers Association of Nigeria (MAN) and the National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) have proposed urgent measures to curb the upward trend and protect economic growth.

Simultaneously, economic reforms have impacted household purchasing power. World Bank estimates indicate that approximately 69.6% of Nigerians fell below the $4.20-a-day poverty threshold in 2025. While the ruling All Progressives Congress (APC) defended President Bola Ahmed Tinubu’s claims that previous administrations contributed to current hunger and poverty levels, party spokespeople acknowledged that living expenses have risen and purchasing power has declined.