Nigeria’s Inflation pangs~ Feeling like an Unending labor pains with no way out.

Being a female, I have been privy to experiences often reserved for females, such as giving birth. I've helped a few people give birth, so I know how difficult it can be, and I also know that everyone, including medical professionals, fears a longer labour because of the risks involved.

Now, for a moment, picture what it would be like to go through the relentless contraction of labour, and the pains connected with it, for weeks, months, years, and practically a decade, rather than for 18 hours as should be for a normal labour, or for a day or less than two days if labour is protracted. For the past ten years, that's been the state of inflation in Nigeria, and there's no sign of it stopping.

designed using canva

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Under-Reported?

As I read several news articles to better understand the current rate of inflation in Nigeria, I keep coming across reports like the following: Although such headlines as "Nigeria's inflation rate rises to 22.04%" may be misleading, the full story is as follows: The Cable (2023) predicts a "third consecutive increase" in prices.

The implication is clear

Inflation is proceeding automatically in Nigeria, and in contrast to other factors that have been regressive, inflation has been making rapid progress while all weapons designed to combat it have failed miserably.

Forget the Economy, I Have Your Personal Finances Here
While I couldn't begin to pull all the numbers available to report on this, I can provide some personal observations about the exponential rise in inflation that I have witnessed firsthand:

• The price of a sachet of water doubled from 10NGN to 20NGN.

• The average cost of a brand new, low-end Android smartphone has increased by 60%, from $25,000 NGN to $40,000.

• Cars, which normally lose value as they age, are actually appreciating. Where else have you seen a vehicle acquired just over two years ago for around 1,000,000 NGN sell for over 2,000,000 NGN in 2023?

• In 2013, I was able to purchase a rim of A4 papers for 600NGN per rim; today, that same rim costs 4500NGN (that's a 650% rise in price in just 10 years; that's outrageous).
  I could go on and on about the inflationary climate in my country, but I won't.

No Action is Being Taken?

Although there are always those who stand to gain from misfortune—in this case, from persistent inflation—I think everyone else will feel the effects of this trend.

I have faith that the appropriate authorities are working hard to head off this problem at the pass, but the question is, how much work have they actually done? and do you think this is enough of an attempt?

We Nigerians have been very concerned about the steady decline in the quality of life over the past few years, but there is little we can do to improve things on our own. Instead, we must rely on the appropriate authorities, who, sadly, don't seem to give a damn unless they've been seriously hurt.

Just My Opinion

We have all witnessed the large job cuts globally, and the poor growth in all sections of the economy, and while the effects may be more severe in certain places than in others, the truth is that this issue of inflation is not a Nigerian-exclusive issue, and it has far-reaching repercussions.

As a result, cutting back on spending is a good way to deal with it and get through these tough times. Buying in bulk is also beneficial because it saves money compared to buying the same quantity of individual things. Finally, and most crucially, make and stick to a budget.

We will make it through these difficult times, and everything will turn out well.

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I am @beautiefair