Inflation erodes N7.6tn consumer spending, more naira, less value.
Nigeria’s consumer spending faces a harsh reality with inflation, which has erased N7.61 trillion in purchasing power from households in 2023. Despite nominal expenditure growth to N141.69 trillion, real terms reveal a decline from N52.45 trillion in 2021 to N44.84 trillion in 2023. This economic strain is exacerbated by high inflation, reaching 33.95% in May 2024, driven largely by soaring food prices. The situation demands urgent policy action to address its wide-ranging impacts on Nigerians’ daily lives and the broader economy.
