Nigeria celebrated its 64th Independence anniversary today, but the celebrations were dampened by the country's worsening economic situation, driven by soaring inflation and a depreciating currency.
According to the National Bureau of Statistics (NBS), inflation has surged to 18%, with food inflation hitting a staggering 30%. The continued decline of the naira has left millions of Nigerians struggling to afford basic essentials.
In his Independence Day address, President Ahmed acknowledged the economic difficulties many citizens face. "We understand the hardships many Nigerians are enduring. Our administration remains committed to tackling inflation, boosting agricultural productivity, and creating jobs," he said.
Meanwhile, Central Bank Governor Dr. Okoro announced emergency measures aimed at stabilizing the economy, including adjustments to monetary policy and increased lending to the agricultural sector.
However, growing frustrations led to protests in major cities, with demonstrators in Lagos chanting, "Enough is enough! We need solutions, not promises!" They called for immediate and effective action to alleviate the economic crisis.
Economists, like Dr. Akinwunmi, have warned that addressing Nigeria’s inflation problem requires more than just monetary policy adjustments. He stressed the need for broader structural reforms, including economic diversification, infrastructure development, and tackling corruption.
Despite the economic hardships, many Nigerians remain optimistic. A Lagos resident, Mrs. Adeyemi, commenting on the skyrocketing cost of food, urged Nigerians to remain hopeful and support local businesses. "We'll get through this. We must support our farmers, businesses, and one another," she said.
Written by: Believe Ovara Iruoghene
Edited by: Chris Odjomah