Nigeria’s worsening inflation crisis has pushed Africa’s largest economy to the bottom of global quality-of-life rankings, as households and businesses continue to grapple with soaring prices of food, transportation, housing, and energy.
Fresh data released by the National Bureau of Statistics (NBS) showed that Nigeria’s headline inflation rate rose for the third consecutive month in 2026, increasing from 15.69 percent in April to 15.93 percent in May. Food inflation also climbed sharply to 16.96 percent from 16.09 percent recorded in the previous month.
The report revealed that headline inflation increased by 0.24 percentage points, while food inflation rose by 0.87 percentage points. On a month-on-month basis, headline inflation stood at 1.75 percent, while food inflation surged to 2.98 percent.
The continued rise in inflation has significantly weakened the purchasing power of Nigerians, forcing many households to spend more on basic necessities while cutting back on savings, healthcare, and education.
Reflecting the growing economic hardship, Nigeria ranked among the lowest countries globally in the 2026 Quality of Life Index released by Numbeo. The ranking assessed countries based on purchasing power, healthcare quality, safety, cost of living, housing affordability, pollution levels, traffic congestion, and climate conditions.
Inflation Worsening Economic Hardship – Expert
Reacting to the latest figures, Professor Godwin Oyedokun, an accounting and finance expert at Lead City University, warned that rising inflation continues to place enormous pressure on households and businesses.
According to him, the latest inflation data highlight the persistent economic challenges confronting Nigerians, particularly amid rising fuel and food costs.
“The figures reflect the harsh reality that essential items such as food, transportation, and energy remain increasingly unaffordable for many families. As inflation outpaces income growth, purchasing power declines, forcing households to cut back on consumption, savings, and investment in education and healthcare,” he said.
Oyedokun noted that higher fuel prices have a ripple effect across the economy by increasing transportation and production costs, which are ultimately transferred to consumers through higher prices.
He stressed that food inflation remains especially devastating for low-income earners, who spend a significant portion of their income on basic necessities.
The finance expert called for broader policy measures beyond monetary tightening, urging the government to boost agricultural productivity, improve security in farming communities, invest in critical infrastructure, and reduce logistics costs to ease inflationary pressures.
CPPE Links Inflation Surge to Global Energy Shocks
Meanwhile, the Centre for the Promotion of Private Enterprise (CPPE) attributed the sustained inflationary pressure to ongoing geopolitical tensions in the Middle East and their impact on global energy markets and supply chains.
In a statement, CPPE Chief Executive Officer, Muda Yusuf, described Nigeria’s inflation challenge as largely cost-driven, noting that external economic shocks continue to influence domestic prices.
The organisation urged the government to intensify efforts aimed at strengthening food security, improving logistics infrastructure, investing in mass transit and rail transportation, and expanding energy supply.
As inflation continues its upward trend, millions of Nigerians remain burdened by rising living costs, raising fresh concerns about economic welfare and the pace of recovery in the country.
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