What do you believe is the single most important factor driving up the cost of living in Nigeria?

Franklin Cudjoe, the Founding President of IMANI-Africa, has raised concerns about the rising cost of living in the country, arguing that the Vice President, Dr Mahamudu Bawumia, has not provided clear or actionable strategies to address the issue.

Speaking on Joy FM’s Super Morning Show on Monday, Mr Cudjoe expressed his dissatisfaction with the Vice President's recent statements regarding the government's plans to reduce cost of living. According to him, while Dr Bawumia’s manifesto mentions a commitment to tackling the high cost of living, it fails to outline specific measures or strategies.

“In reducing the cost of living, I did not see any concrete plans. The cost of living is influenced by several factors, including the cost of borrowing and inflation, which businesses must navigate. These are serious concerns that need detailed solutions,” Mr Cudjoe explained.

He further criticized the lack of structural changes in the government's approach to managing the exchange rate, which he sees as a critical component in the broader economic picture. “The exchange rate is crucial, yet I haven’t heard any significant structural shifts to address it. This is worrying, especially given the emphasis that has been placed on this issue in past discussions.”

Mr Cudjoe argued that merely stating the intention to reduce the cost of living is not enough. “Just saying 'we will reduce the cost of living' doesn’t suffice. It's important to know exactly how these plans will be implemented. After seven years, it’s time for clear, measurable actions.”

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