By Favour Pius
The Centre for the Promotion of Private Enterprise (CPPE) has raised concerns over Nigeria’s worsening cost-of-living pressures, warning that persistent inflation is eroding wages and deepening a real income crisis across the country.
In a statement, the Chief Executive Officer of CPPE, Muda Yusuf, said the sustained rise in prices of goods and services has significantly weakened purchasing power, leaving many households struggling to meet basic needs despite nominal increases in income.
He noted that while some workers have recorded marginal wage adjustments in recent months, these gains have been largely offset by surging inflation, particularly in food, transportation and energy costs.
“Real incomes are declining sharply as inflation continues to outpace wage growth. This has serious implications for poverty levels, consumer demand and overall economic stability,” Yusuf said.
According to him, the situation has created a widening gap between earnings and living costs, with low- and middle-income earners bearing the brunt of the economic strain.
The CPPE boss urged the Federal Government to prioritise policies that address inflationary pressures, including stabilising the foreign exchange market, improving domestic food production and tackling structural inefficiencies in the supply chain.
He also called for targeted social interventions to cushion the impact on vulnerable populations, warning that prolonged income erosion could dampen economic growth by weakening consumer spending, a key driver of the economy.
Recent data from the National Bureau of Statistics (NBS) indicate that inflation has remained elevated, reinforcing concerns among economists and industry stakeholders about the sustainability of household incomes.
The think tank stressed that urgent and coordinated policy responses are needed to restore macroeconomic stability and protect the welfare of Nigerians already grappling with rising living costs.
