Business – Page 10 – National Daily Newspaper

Dangote Refinery slashes petrol price to N1,175/litre as global oil market cools

Dangote Refinery slashes petrol price to N1,175/litre as global oil market cools

The Dangote Petroleum Refinery has announced a fresh reduction in the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, cutting its gantry...

Naira still undervalued by 25.6% despite gains from FX reforms, says IMF

Business3 weeks ago

Naira still undervalued by 25.6% despite gains from FX reforms, says IMF

The International Monetary Fund (IMF) has stated that the Nigerian naira remains significantly undervalued despite recent improvements in the foreign exchange market and the...

Jetour X90 Plus Redefines Space, Safety, Premium Family Driving in Nigeria

Business3 weeks ago

Jetour X90 Plus targets Nigerian families with luxury, space, advanced safety

In Nigeria’s increasingly competitive SUV market, where space, comfort and value drive purchasing decisions, the Jetour X90 Plus is emerging as a strong reference point in...

## “Invisible Inflation” Widens Cost-of-Living Gap as Nigerian Households Struggle With Rising Essentials **Lagos, NIGERIA** — While official inflation data continues to reflect a moderated national average, many Nigerian households are facing a sharply different reality, as the cost of essential goods and services continues to rise faster than headline economic indicators suggest. Economists and market analysts describe the trend as “invisible inflation,” a widening gap between official consumer price index figures and the actual expenses Nigerians incur to meet daily survival needs such as food, transport, housing, school fees, and energy. --- ### Rising Costs of Essentials Outpace Official Averages Although Nigeria’s inflation basket includes a broad mix of goods and services, critics argue that it masks the intensity of price increases in essential categories that households cannot easily avoid or substitute. Food staples such as rice, beans, and garri have recorded persistent price increases, driven by higher transportation costs, insecurity in farming regions, and rising input costs like fertilizer. At the same time, transport fares in major cities have surged following fuel price adjustments, placing additional strain on daily commuters. Fixed household expenses have also come under pressure. Rent renewals in urban areas are increasingly reflecting higher construction and maintenance costs, while many private schools have adjusted tuition and transportation fees to cope with rising operational expenses. Electricity costs, particularly for higher service bands, have further pushed households toward alternative energy sources such as generators and solar systems. --- ### Household Spending Pressure Reshapes Daily Life The growing cost burden is forcing families to adjust consumption patterns and long-term financial decisions. Many households are cutting back on protein consumption, shifting to cheaper food alternatives, and reducing discretionary spending such as entertainment and social activities. In urban centres like Lagos, some residents now rely more heavily on public transportation or walking shorter distances to reduce daily expenses. Educational costs have also become a major pressure point, with some parents moving children from higher-fee private institutions to more affordable schools, while others delay academic progression due to financial constraints. --- ### Changing Coping Strategies Across Communities Informal economic coping mechanisms are becoming more common. Cooperative buying groups have expanded in several neighbourhoods, allowing families to pool resources and purchase food items in bulk directly from wholesalers or farm intermediaries. This approach is increasingly seen as a way to bypass retail markups and stabilize household food budgets. A Lagos-based civil servant, Funmi Adebayo, described the situation as a complete restructuring of household budgeting. She noted that families are prioritizing only essential needs, reducing consumption habits, and relying more on cost-saving alternatives as incomes fail to keep pace with rising prices. --- ### Concerns Over Policy Blind Spots Macroeconomic experts warn that reliance on headline inflation figures alone may understate the real pressure facing households, particularly in low- and middle-income segments. They argue that if wage policies and social intervention programs are based solely on aggregated data, they risk falling short of addressing the true cost burden experienced on the ground. Analysts say stabilizing food supply chains and transportation logistics remains critical to easing pressure on households, especially as these sectors continue to drive much of the day-to-day inflation experienced by citizens. --- ### Watch Report An accompanying video report examines how rising living costs are reshaping consumption patterns and forcing households across Nigeria to make difficult financial trade-offs in response to ongoing economic pressures.

Business3 weeks ago

Beyond official figures: Nigerians feel the bite of “Invisible Inflation”

While official inflation data continues to reflect a moderated national average, many Nigerian households are facing a sharply different reality, as the cost of essential goods...

Just in: Nigeria’s inflation rate climbs to 15.93% as consumer prices remain under pressure

Business3 weeks ago

Just in: Nigeria’s inflation rate climbs to 15.93% as consumer prices remain under pressure

Nigeria’s headline inflation rate increased to 15.93 percent in May 2026, reversing the downward trend recorded in previous months and highlighting the continued pressure on household...

Cedric Masters wins prestigious 'indigenous auto enterprise' award at Motoringworld anniversary

Business4 weeks ago

Cedric Masters wins prestigious ‘indigenous auto enterprise’ award at Motoringworld anniversary

Cedric Masters Group, assemblers of the JIM-Isuzu Pickup brand in Nigeria, has been honoured with the prestigious ‘Indigenous Auto Enterprise’ Award at the Motoringworld...

Access Holdings ends acquisition era, targets higher returns for investors

Business4 weeks ago

Access Holdings ends acquisition era, targets higher returns for investors

The Group Chairman of Access Holdings Plc, Aigboje Aig-Imoukhuede, has revealed that the financial institution is entering a new phase of its corporate evolution,...

High Costs, Visa Challenges Dampen Excitement Ahead of 2026 World Cup

Energy4 weeks ago

High costs, visa challenges dampen excitement ahead of 2026 World Cup

The 2026 FIFA World Cup has kicked off across the United States, Canada, and Mexico, but soaring travel costs, expensive match tickets, and visa challenges have...

NSIB recovers black boxes as probe deepens into private jet’s highway landing in Delta

Aviation4 weeks ago

NSIB recovers black boxes as probe deepens into private jet’s highway landing in Delta

The Nigerian Safety Investigation Bureau (NSIB) says it has recovered the cockpit voice recorder and flight data recorder—commonly referred to as black boxes from a private...

Ground handlers suspend services to Max Air over unpaid debts

Business4 weeks ago

Ground handlers suspend services to Max Air over unpaid debts

Ground handling companies in Nigeria have suspended aviation support services to Max Air over alleged unpaid debts, marking a significant escalation in ongoing financial...