A Professor of Accounting and Finance at Lead City University, Godwin Oyedokun, has expressed concern over Nigeria’s rising inflation rate, warning that the persistent increase is worsening the economic burden on households and businesses across the country.
Speaking with Daily Post, Oyedokun said the latest inflation figures, which mark the third consecutive monthly increase, reflect the continued economic pressures confronting Nigerians amid rising food and fuel prices.
According to him, while some sectors of the economy may be showing signs of macroeconomic stability, the reality for many citizens remains one of mounting financial strain and a declining standard of living.
“The third consecutive rise in Nigeria’s inflation rate underscores the persistence of economic pressures facing households and businesses. With fuel and food costs driving the increase, the data confirm that many Nigerians continue to struggle with a high cost of living despite signs of macroeconomic stabilisation in some areas,” he said.
The financial expert noted that the rising cost of essential commodities, including food, transportation and energy, is placing increasing pressure on family budgets. He explained that inflation continues to outpace income growth, reducing consumers’ purchasing power and forcing many households to cut spending on critical needs such as education, healthcare and savings.
“The figures reflect the harsh reality that essential items such as food, transportation and energy remain increasingly unaffordable for many families. As inflation outpaces income growth, purchasing power declines, forcing households to cut back on consumption, savings and investment in education and healthcare,” Oyedokun stated.
He further highlighted the widespread impact of rising fuel costs, noting that higher transportation and production expenses are often passed on to consumers through increased prices for goods and services. He added that food inflation remains particularly devastating for low-income families, who spend a significant portion of their earnings on basic necessities.
“Higher fuel prices have a multiplier effect across the economy because they increase transportation and production costs, which are ultimately passed on to consumers. At the same time, rising food inflation places a disproportionate burden on low-income households, who spend a significant share of their earnings on basic necessities,” he explained.
Oyedokun stressed that addressing inflation requires more than monetary policy interventions alone. He called for broader economic measures aimed at boosting agricultural productivity, improving security in farming communities, investing in infrastructure and reducing logistics costs.
“The sustained upward trend in inflation highlights the need for policies that go beyond monetary tightening. Strengthening agricultural productivity, improving security in food-producing areas, investing in infrastructure and reducing logistics costs will be essential to easing inflationary pressures and improving the welfare of ordinary Nigerians,” he said.
He concluded by noting that although ongoing macroeconomic reforms may deliver long-term benefits, many Nigerians continue to face immediate and significant economic hardship.
“Ultimately, while macroeconomic reforms may yield benefits over time, many citizens are still grappling with immediate and significant economic hardship,” Oyedokun added.
