“We Are Just Managing”: Inside Nigeria’s Cost-of-Living Crisis in June 2026

_By Uchere Treasure

LAGOS —Nigeria

For millions of Nigerians, the question each morning is no longer “What will I do today?” but “What will I eat today?” Despite official reports of GDP growth and rising foreign reserves, households across the country are grappling with food prices, fuel costs, and wages that no longer stretch to the end of the month.

Food Prices Have Outpaced Incomes

Inflation has eased from its peak of over 33% in late 2024, but at 15.69% as of April 2026, it continues to erode purchasing power. The pain is sharpest in local markets, where the cost of basic staples has redefined what “affordable” means.

In Lagos, fashion designer Toyin Lawani captured the frustration in a video that went viral this month. Holding up items from her kitchen, she listed prices that stunned viewers: “A small basket of Irish potatoes is ₦30,000. Four pieces of plantain are ₦2,500. One million naira cannot buy adequate foodstuffs anymore.”

The reality is even harsher for low-income earners. Lucy Azubuike, a widow who sells bean cakes to support her three children, says her business and her home are both under strain. “Bean cakes that were ₦10 before are now ₦100 to ₦200. Bread moved from ₦100 to ₦600,” she told _Punch_. “Sometimes, I cry when my children are asleep. There are days we eat only once.”

The new national minimum wage of ₦70,000 highlights the gap between income and expenses. An analysis by _Daily Trust_ found that the amount can only buy enough food for about 15 days for an average family. Once rent, transport, school fees, and healthcare are factored in, the shortfall becomes impossible to ignore.

Energy Costs Push Families Backwards

The surge in energy prices has forced many Nigerians to abandon modern cooking methods. Cooking gas reached ₦2,400 per kilogram in June 2026, placing a 5kg cylinder at roughly ₦12,000. For families earning minimum wage, a single refill consumes nearly one-fifth of their monthly income.

The result has been visible across urban centers. In Abuja, households are returning to firewood and charcoal. _Vanguard_ documented women in earthen kitchens crouching over open wood fires, describing the shift as an “economic reversal” driven by necessity rather than choice. Kerosene, once a cheaper alternative, now sells for around ₦1,600 per litre in some areas, pushing it out of reach for many.

Why Relief Remains Out of Reach

Economists point to a combination of domestic policy and global events to explain why hardship persists despite improving national figures.

The 2023 removal of fuel subsidies and the unification of exchange rates were designed to restore fiscal stability. Foreign reserves have climbed to nearly $50 billion, and investors have returned to Nigerian markets. Yet those same reforms doubled fuel prices overnight and increased the cost of imported goods, from wheat to pharmaceuticals. Businesses dependent on diesel generators and imported inputs passed the costs directly to consumers.

Global events have added pressure. The US-Iran conflict in early 2026 drove energy prices higher worldwide. The World Bank confirmed that rising fuel costs in Nigeria risk squeezing household incomes and slowing poverty reduction. For a country that still imports refined petroleum products, international shocks quickly become local price hikes.

Fiscal constraints further limit the government’s ability to cushion the impact. Public debt has now surpassed ₦120 trillion. Debt servicing takes up a substantial portion of revenue, leaving little room for large-scale social programs. Oil continues to dominate government income, accounting for 70% of revenue and 85% of export earnings, yet it contributes less than 8% of GDP. Production remains hampered by theft, vandalism, and years of underinvestment.

Meanwhile, Nigeria’s population grows at 2.6% each year. With GDP growth projected between 3.2% and 3.8% for 2026, the gains per person remain modest. PwC estimates that two million more Nigerians will fall below the poverty line this year, bringing the total to 141 million people — 62% of the population. Youth unemployment stays high, and most workers remain in the informal sector with no safety net.

The Human Cost of “Managing”

The phrase most Nigerians use to describe their situation is “we are just managing.” It appears in markets, on buses, and across social media. Parents skip meals so children can eat. Workers trek long distances to save transport fares. Traders adjust prices weekly to keep up with supply costs. The term captures a reality where survival, not progress, is the goal.

Business Day described Nigerians as running “on an economic treadmill, working harder to buy less.” The paper noted that while the economy is expanding, the benefits have yet to ease living costs for ordinary citizens. For now, the growth is statistical. The hunger is physical.

What Comes Next

The Central Bank of Nigeria projects GDP growth of 4.49% and average inflation of 12.94% for 2026, with foreign reserves potentially reaching $51.04 billion. The World Bank describes the economy as “resilient” and expects growth in the first half of the year. 

But for households, recovery will only feel real when market prices reflect those projections. That means affordable food, stable fuel costs, and wages that regain purchasing power. Until then, the disconnect between Abuja’s data and Lagos’s markets will continue to define Nigeria’s economic story.

As one resident summarized it: “Things are very expensive. A lot of people are just managing.”