STATE OF THE ECONOMY: increasing Cost Of Living In Nigeria

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If you’re a typical Nigerian currently you’d observe that a thousand naira currently cannot purchase some thing substantial, if you change that, say you wish to get something small by the time you know it you’d end up spending the entire money

It’s fast becoming a concern and a thing of curiosity The fast driving cost of living which is on the rise daily,

Basically life’s becoming difficult for the common man out there, as there is steady increase in the cost of every and i mean everything money buys

Am beginning to think is it an aftermath of 2019’s lockdown? Businesses are not striving, some folding up, the economy running on the flip side of the coin

Its either there’s an increase in the cost of transportation, which probably caused by the deplorable state of our road network, and predominately increase in fuel prices,

the primary factor in the cost of production is Electricity, since i was a child now am getting old this has been a major bone of contention in my country am beginning to think maybe the so called big men in the corridors of power has a big stake in generating plant of vairous sizes, so if there’s constant power their business would fail.

Come to think of it…. any government that wish it citizen goodwill and great plan for the economy, energy generating should be key because every other thing that drives the economy has it pivot on power if there’s constant power i really think the prices of goods and services will drastically reduce at lowest minimum

I think we’ve gotten our hands deep in Cost-push inflation? The current rise of product prices and services primarily caused by increase in cost of production

Poor road network has been another key thing that contribute to the increase in cost of living especially on federal roads am not saying that there’s any country on the surface of the earth that’s doing so well in all sector but somehow they must have driven the adverse effect of a deplorable road network to the lowest level, because human make movement every now and then attending to businesses here and there transacting business online and offline movement of Goods and services that are needed somewhere else if there’s anything that hampers any of these processes there’s bound to be hike in price of the goods in transit due to extra cost drivers will have to in cure in moving these products or raw materials to its needed location.

Of course if a driver’s car broke down in the middle of the road maybe caused by the deplorable state of the road he is bound to charge extra box of cash for fixing it

Recently there’s been an increase in the price of cooking gas (liquefied petroleum gas) that’so so alarming in a period of three month there’s been an increase in price from NGN350.00 to about NGN900.00 in my location, and following the trend in price hike it is possible it will hit a thousand naira by Xmas

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Now the average household falls back to the ancient pattern of living, were they ransack the bushes and forest searching for decayed wood as firewood for cooking …and am like are we seriously going back to the 80’s?...i thought we’ve gone way beyond this……no doubt we are on the reverse side of the century cause live here it’s like you’re on your own so
life becomes a survival of the fittest you must survive base on your own strength must strategies think and implement plans to cope with situations of things cause there’s no other wayout…

we can only Hope for the unrealistic change, and play our part to wealth diversification to stay afloat.

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