- Poultry Prices Skyrocket Nationwide
- Economic Policies and Inflation Impact Cost of Living
As the festive season approaches, Nigerians are facing unprecedented increases in food prices, particularly for poultry products. In major markets across the country, the cost of chickens and turkeys has surged dramatically. Chickens now range from ₦15,000 to ₦25,000, while turkeys are priced between ₦85,000 and ₦130,000, depending on size and location.
This sharp rise in prices is attributed to several factors, including increased transportation costs, higher feed prices, and supply chain challenges. The removal of petrol subsidies and the floating of the naira have further exacerbated the situation, leading to a significant cost-of-living crisis. The National Bureau of Statistics reports that Nigeria’s headline inflation rate climbed to 34.60% in November 2024, up from 33.88% in October. Food inflation also rose to 39.93% year-on-year, with staples like rice, maize, bread, potatoes, and cooking oil contributing to the increase.
The impact of these economic challenges is evident in the daily lives of Nigerians. Many civil servants and low-income earners are expressing concerns about their ability to afford basic necessities during the holiday season. The high cost of living, driven by inflation and recent economic policies, has made it difficult for families to maintain their standard of living.
Economists point to several underlying causes for the current economic situation. Energy and transportation costs have risen significantly, affecting the prices of goods and services. Insecurity has also disrupted farming activities, leading to reduced agricultural output. Additionally, fiscal policies, including increased borrowing, have contributed to economic instability.
As Nigerians navigate this challenging economic landscape, many are adjusting their holiday plans, opting for low-key celebrations to manage expenses. The combination of soaring food prices and overall inflation continues to strain household budgets, prompting calls for government intervention to stabilize the economy and alleviate the financial burden on citizens.
