Inflation: Protest rocks Ibadan over high cost of living

The residents of Ibadan in Oyo State took to the streets on Monday to protest the economic challenges gripping the nation.

Originating in the Mokola area of Ibadan, the protest, led predominantly by youth, saw key roads, including the Mokola under-bridge and Queen Elizabeth Road, blocked, causing significant disruptions to traffic.

The protesters voiced their discontent, primarily targeting the soaring cost of food and the overall decline in living standards attributed to the widespread inflation affecting the country.

Social media images captured placards with inscriptions such as ‘E bi n pawa’ (We’re hungry), reflecting the palpable frustration of the demonstrators.

In a bid to maintain law and order, armed police officers were deployed to the scene, underscoring the seriousness of the protest. This incident follows similar protests in Minna and Suleja earlier in the month, indicating a growing discontent among the populace with various government policies.

The protesters called on the government to urgently address the prevailing economic challenges, emphasizing issues like unbearable inflation, rising prices of gas and fuel, and an overarching sense of economic hardship.

This protest in Ibadan aligns with a broader sentiment of dissatisfaction with Nigeria’s prevailing economic conditions.

The Nigeria Labour Congress (NLC) has declared a two-day nationwide mass protest scheduled for February 27 and 28, underscoring the widespread discontent and emphasizing the urgent need for government intervention to alleviate economic challenges. The protests serve as a manifestation of the growing frustration among the populace, highlighting the need for responsive governance to address pressing economic issues.

What you should know

Nigeria has recently faced heightened economic pressures, with inflation reaching 29.90% in January, and food inflation hitting a year-on-year high of 35.41%. This substantial 11.10%-point increase from January 2023 indicates a pronounced rise in the cost of food items, signaling a concerning trend.

The key drivers of this inflationary pressure include notable price hikes in essential food commodities such as bread and cereals, potatoes, yams, and other tubers, oils and fats, fish, meat, fruits, as well as coffee, tea, and cocoa.
The current cost of living crisis is a result of a complex interplay of domestic and global factors.
vulnerable food supply chain faces hurdles such as inadequate infrastructure and logistical bottlenecks, hindering efficient production and distribution and contributing to price hikes and volatility.
The ongoing insecurity crisis further compounds Nigeria’s struggling agricultural system, leading to increased reliance on food imports.

Fluctuations in global commodity prices, influenced by events like geopolitical tensions and adverse weather, have a ripple effect on Nigeria’s economy, impacting food prices.

As the protests unfold, they shed light on the urgent need for comprehensive measures to address the multifaceted challenges facing Nigeria’s economy. The government’s response and subsequent actions will play a crucial role in alleviating the economic hardships and restoring confidence among the population.

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