A new survey by Comercio Partners has revealed that over 83 percent of Nigerians are finding it harder to afford basic needs like food, housing, and healthcare compared to last year.
The findings were presented on Wednesday, July 23, during the firm’s 2025 H2 Macroeconomic Outlook in Lagos.
Dr Ifeanyi Ubah, Head of Investment Research at Comercio Partners, described the country’s economic reality as “a tale of two experiences.”
“Official metrics herald progress: inflation cools, unemployment shrinks, and GDP surges. Yet, the people’s experience, rising costs, stagnant incomes, and elusive opportunities, reveals a stark disparity,” Ubah said.
The report showed that 94.3 percent of respondents have seen a rise in the prices of goods and services, with 72.5 percent saying the hikes were significant.
Yet, only 37.5 percent reported an increase in salary, while 48.2 percent saw no change and 14.3 percent experienced a drop in earnings.
These pressures, the report added, have taken a toll on living conditions. “Increased economic pressures have notably impacted the affordability of basic necessities, with 83% indicating greater difficulty in affording food, housing, and healthcare compared to the previous year.”
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There also appears to be a growing disconnect between official statistics and public perception.
About 43 percent of those surveyed said they disagreed with the government’s inflation figures, and 69.6 percent viewed government policy as ineffective.
Still, many Nigerians remain hopeful. The report found that 64.3 percent of respondents are optimistic their financial situation will improve in the coming year.
According to Ubah, the findings paint a grim picture. “The survey’s grim insights, food insecurity, financial fragility, and policy disillusionment, suggest that growth, as currently structured, is not a tide lifting all boats but a wave drowning many. For Nigeria to transcend this quagmire and avert immiserising growth, bold action is needed.”
He added that the country’s future depends on matching official progress with real-world impact.
“Nigeria’s new reality holds promise, projects hold that we could have an economy of $13 trillion by 2075, but only if it bridges data and destiny.
“Without this, statistical triumphs will remain hollow, and growth will immiserize rather than empower, a cautionary tale for a nation at a crossroads.”