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

In August 2024, Nigeria’s core inflation rate reached 27.60 per cent, the highest ever recorded, with food inflation at 37.52 per cent year-over-year. The overall inflation rate for August 2024 was 32.15 per cent year-over-year.

Also, the country’s local currency has been crashing against the United States dollar, trading at around N1,650/$ in recent weeks.

The Director of the Nigerian Association of Small and Medium Enterprises, Eke Ubiji, said the inflation has reduced consumers’ purchasing power, a development that has made malls, superstores, and convenience store owners struggle to restock.

Ubiji said retail businesses were forced to choose between maintaining quality and restocking, which was unsustainable for many.

“Business owners want to maintain their place in the market space. How do you maintain your space in the marketplace? You are selling quality products; well packaged, well preserved, and possibly at a price that is within the reach of your customers.

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