Nigeria is battling with a cost-of-living crisis: global economic bodies are praising the country for economic reforms, but locals say this has increased the prices of goods and services, meaning their wages can barely cover basic necessities.
Examining this, the economist Muktar Mohammed says Nigeria’s middle class has virtually disappeared, leaving the country divided between the very rich and the very poor.
Speaking on Hard Facts with Mary-Ann Okon on Nigeria Info 99.3 Lagos, Mohammed said recent government measures, including the minimum wage increase from ₦30,000 to ₦70,000, have failed to improve incomes.
“At ₦360 to the dollar, workers earned about $83. Today, at ₦1,500, they earn just $46,” he explained.
He argued that while monetary policies have stabilized the naira and attracted investors, ordinary citizens have not seen the benefits.
“The real change must come from fiscal policies that improve healthcare, education, housing, and infrastructure,” he added.
Mohammed also criticized local and state governments for prioritizing “white elephant projects” over community development.
He called for the revival of primary healthcare centres, agricultural cooperatives, and public schools to restore the missing middle class, which he described as “the engine room of any economy.”
