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A recent report by SBM Intelligence for 2024 highlights the worsening economic situation in Nigeria, pointing to factors such as rising food inflation, widespread insecurity, and an increasing number of people falling into extreme poverty. These issues have significantly strained the nation’s economy.
The report indicates that the country is more divided than ever following the 2023 elections, with President Bola Tinubu’s reforms, particularly the removal of fuel subsidies, receiving widespread disapproval. The policy is said to have exacerbated living conditions, contributing to business closures and economic hardship for many Nigerians.
The economic challenges are compounded by a soaring inflation rate, which has reached 33.88%, according to the National Bureau of Statistics. By August 2024, 31.8 million Nigerians were reported to be facing food insecurity.
Moreover, the tough economic climate has led to the exit of numerous businesses. Over the past four years, 61 companies have reportedly shut down or relocated due to the harsh business environment in the country.
Despite reassurances from the government, doubts persist about the effectiveness of its reforms and their ability to bring about meaningful economic recovery.
