{
  "id": 13960195,
  "title": "Nigeria’s lost purchasing power: How a decade of economic shocks changed money",
  "url": "https://urgent.news/2026/10/12/nigerias-lost-purchasing-power-how-a-decade-of-economic-shocks",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-12T12:18:05.000Z",
  "source": {
    "name": "Nairametrics",
    "slug": "nairametrics",
    "url": "https://nairametrics.com/2026/10/12/nigerias-lost-purchasing-power-how-a-decade-of-economic-shocks-changed-money/"
  },
  "original_language": "en",
  "account": "Between 2016 and 2026, Nigeria experienced a decade that fundamentally altered the value of money and the cost of living for its citizens. According to a report by Comercio Partners titled \"The Decade That Changed Money,\" the naira lost nearly 90% of its dollar value during this period, while headline inflation peaked at 34.8% in December 2024. The removal of fuel subsidies and the unification of foreign exchange windows in 2023 led to sharp price and currency adjustments, further eroding household purchasing power. Despite nominal wage increases and government revenue, many Nigerians struggled to keep up with rising costs. The national minimum wage rose from N18,000 in 2015 to N70,000 in 2024, but cumulative inflation between 2020 and 2025 reached 152.7%, surpassing nominal minimum wage growth. Essential goods and services, such as food, housing, transportation, education, and healthcare, saw prices increase at rates that outpaced income growth. For instance, food inflation hit 40.87% year-on-year in June 2024, and petrol prices surged from N87 per litre in 2015 to N1,239 in April 2025. The report estimated that rent could consume up to 70% of household income, far exceeding the 30% affordability benchmark. In Lagos, rents increased by up to 200% over the 24 months leading to early 2026. The depreciation of the naira made imported inputs and services more expensive, forcing households to cut spending, defer medical treatment, and adjust their consumption habits. While the report noted that lower inflation did not mean prices had fallen but were increasing more slowly, it highlighted the growing burden of mobile data, school fees, and medical expenses. Certain sectors, such as telecommunications, consumer goods, banking, and oil and gas, were better positioned to withstand inflation due to their pricing power and hard assets. However, the widening wealth divide between asset owners and wage-dependent households remained a significant challenge.",
  "summary": "Nigeria’s economy has undergone a profound transformation over the past decade, with currency depreciation, rising inflation, fuel subsidy removal and high interest rates eroding household purchasing power even as nominal wages, government revenue and financial market valuations increased. The post Nigeria’s lost purchasing power: How a decade of economic shocks changed money appeared first on…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}