High prices force Nigerians to ration Christmas expenses

Many Nigerians are having to ration their spending during this Christmas season due to high consumer costs across the country. This is according to a field survey across some markets in Lagos and Ogun.

Since February 2016, Nigeria has been grappling with a double-digit inflation rate which worsened to a 17-year high of 21.47% in November, according to official stats. And this high inflation rate is inevitably impacting negatively on household spending this Christmas.

Everything is expensive, from energy costs to transportation, food, clothes, etc. These are all essential goods and services Nigerians need to spend on in order to have a merry Christmas. It is, therefore, not surprising that many Nigerians are rationing their expenses given the economic realities in the country.

Last year Christmas, a 50kg bag of rice was selling for an average of N29,500. Right now, it is now selling for a minimum of N38,500 and as high as N42,000.

In the same vein, the price of chicken, turkey, groundnut oil, onions and other food items that makes the popular Christmas Jollof a worthwhile meal have also surged in recent times. Nairametrics visited some markets in Lagos and Ogun State, and responses from traders and customers indicate slow trading activities compared to previous festive periods, largely attributed to price increases.