Hard times in Nigeria as reforms deepen cost of living crisis
By Abraham Achirga and Seun Sanni
ABUJA Reuters) — Blessing Joseph has been weaving bags, sandals and jewellery earning enough money to feed her son and send him to school. But since November, she has fallen on hard times as customers have stopped coming and she and her son routinely go to bed hungry.
She is among millions in Africa's largest economy, grappling with the worst cost of living crisis in decades, that has deepened since President Bola Tinubu introduced bold but unpopular economic reforms after he assumed office last May.
Last year, Joseph could easily make 30,000 naira ($18.83) a week but now she will be lucky to get 5,000 naira, she said.
«People used to place orders. I'll design for them, sometimes even (for) weddings I'll make souvenirs for them, but now those orders are not coming,» said the 29-year-old Abuja resident.
«It has been very, very difficult, especially that I have a son and he needs to go to school, he needs to eat.»
Tinubu inherited an economy that was already struggling with record debt, high unemployment, low oil output, subsidies that drained government finances and power shortages that have crimped growth.
Nigeria imports food and fuel and was buffeted by high global prices due to the Russia-Ukraine war, just as it had exited a COVID-19 induced recession in 2020.
Tinubu, who campaigned on a «Renewed Hope» slogan, removed a costly petrol subsidy and foreign currency controls, in an effort to improve government finances, restore credibility with investors and kick-start the economy.
But inflation has soared to its highest in three decades and the naira currency is slumping to record lows, pressured by acute dollar shortages. Prices of food, cooking gas, medicines, fuel, and public
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