Nigeria Demand Lower Food prices, Rent And Transport Costs.
Nigeria's annual inflation rate decreased to 23.71% in April 2025, down from 24.23% in March, as reported by the National Bureau of Statistics. Food inflation, which is the largest component of the inflation index, also eased to 23.51% in April 2025, a significant drop from the 37.92% recorded in April 2024. In March 2025, inflation decreased from 21.79% to 21.26%, primarily driven by price drops in staple foods like maize, wheat, and yam. Core inflation, which excludes volatile food and energy prices, fell to 23.39%, down from 24.43% in March.
On a monthly basis, consumer prices rose by 1.86%, compared to 3.90% in the previous month. However, the situation in Lagos, Nigeria's commercial hub, presents a different picture. Commuters are feeling the burden of rising transportation costs as fares continue to climb. One resident remarked, "I think things were better before. Now, we just adapt to the situation. We don’t mind paying whatever fare they charge to get on the bus; we just go along with it."
Amid shrinking salaries, rising rents, and escalating food prices, 70-year-old Olashupo, a landlord in Ketu, shared her perspective. Despite pressure from the local landlords' association to increase rent, she has chosen to resist, making herself unpopular with other property owners in the neighborhood. She described the high cost of living in Nigeria as largely self-inflicted by some Nigerians rather than a result of government policies. "We are the ones causing our own hardship. Not everything that happens is the government’s fault," she said. "It’s not fair because when I built this house, the price of cement was much lower, but now the increases are just too high."
Real estate investor Kazim Adilani welcomed the drop in inflation but emphasized that more needs to be done to control prices. He attributed the rising cost of living to the greed of some Nigerians who exploit the situation. "Whatever we are selling, we are reluctant to lower the prices once they go up. That’s individual selfishness," he remarked. "If we had an effective market control body, the government should monitor manufacturers and suppliers to ensure fair pricing. Often, what consumers pay is higher than what suppliers get from the manufacturers."
Despite these challenges, some market executives, like Mr. Agidado, noted that certain food prices have indeed dropped. "Most commodities in the market have seen price reductions. People are coming in large numbers to buy without fear of high costs compared to last year's prices. Insecurity has also decreased significantly," he explained. "Farmers can now go to their farms and cultivate."
April 2025 marks the first significant decline in inflation since Nigeria's consumer price index (CPI) was rebased. For economists, this is a positive step forward, but many ordinary Nigerians feel that these numbers only matter if they translate into lower prices for everyday essentials. Despite the decrease in the inflation rate, economists caution that a reduction in inflation does not necessarily indicate that prices are falling.
"A drop in inflation means a slowdown in the rate at which general prices are increasing, not that prices themselves are decreasing," they explain. "People often confuse the two and expect lower prices when they hear about falling inflation. That’s not the case. When prices are dropping, we refer to it as disinflation. As long as we’re experiencing inflation, prices are still rising. This remains a significant issue for citizens and businesses alike."
The cost of living may eventually decrease, but it will depend on various factors beyond just a reduction in inflation, such as local production and consumption. Addressing issues like transportation costs, exchange rates, energy prices, interest rates, and security concerns are crucial to tackling inflation. While economists hope for a sustainable reduction in inflation rates, Nigerians are calling for both lower food prices and a decrease in the overall cost of living.
