Sahara Reporters has raised alarm over Nigeria’s inflation crisis, revealing that the country’s inflation rate has outpaced those of several African nations, including Ghana, South Africa, Mali, Kenya, Cameroon, and others. The announcement was made on its official X handle, drawing attention to the dire economic challenges confronting Africa’s most populous nation.
As of December 2024, Nigeria’s inflation rate soared to an unprecedented 34.8%, a marginal increase from 34.6% recorded in November. This marks the highest inflation rate in nearly three decades, further exacerbating the skyrocketing cost of food and living for Nigerians. Despite a slight dip in food inflation from 39.93% in November to 39.84% in December, the figure remains alarmingly high, given that food accounts for over half of the country’s inflation basket.
The trend has been consistently upward over recent years, with inflation climbing from 18.8% in 2022 to 24.5% in 2023, according to data from the African Development Bank Group. December’s inflation rate is a harsh reminder of the nation’s spiraling economic woes, with millions of citizens battling poverty and hardship.
A comparative analysis conducted by Sahara Reporters highlights Nigeria’s dire position relative to other African nations. Ghana’s inflation rate, as of December 2024, stood at 23.8%, significantly lower than Nigeria’s staggering 34.8%.
In South Africa, inflation was recorded at a modest 2.9% in November 2024, while Algeria’s figure stood at 4.18% in the same month. Mali recorded an inflation rate of 4.9%, and Rwanda’s inflation, though higher, was still just 6.8% as of December 2024.
Kenya’s inflation rate was recorded at an impressive 3.0%, while Cameroon stood at 4.5%. Even Angola, which has historically battled economic challenges, reported an inflation rate of 28.1%—still lower than Nigeria’s. Meanwhile, Egypt, another major African economy, recorded an inflation rate of 23.2% in December 2024, as reported by its Central Bank.
The grim economic statistics are mirrored in the human toll. Research by Oxfam revealed that as of October 2024, 133 million Nigerians were living in poverty. This marks a sharp increase from 104 million recorded in 2023 when the inflation rate was significantly lower.
Rising inflation has pushed food prices beyond the reach of many, with the average Nigerian struggling to afford basic necessities. The spiraling cost of living continues to widen the gap between the wealthy and the impoverished, threatening the nation’s socio-economic stability.
Nigeria’s worsening inflation crisis underscores the urgent need for comprehensive economic reforms. Experts have warned that failure to address structural economic issues—ranging from over-reliance on imports to policy inconsistencies—could further plunge the nation into economic turmoil.
As Nigerians grapple with these challenges, the spotlight remains firmly on the government’s capacity to steer the nation toward recovery. For now, the alarming inflation rate serves as a stark reminder of the country’s economic fragility.
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