A new report by the National Bureau of Statistics (NBS) in collaboration with the United Nations Office on Drugs and Crime (UNODC) has revealed that the high cost of living is the most significant challenge facing Nigerians today.
The report, titled Corruption in Nigeria: Patterns and Trends, highlights a range of socio-economic issues confronting the nation, with crime, insecurity, unemployment, and corruption also among the most pressing concerns.
According to the report, released in July 2024 and covering the fiscal year 2023, 22.6% of Nigerians identify the rising cost of living as their top concern. This is followed by crime and insecurity at 19%, unemployment at 13%, and corruption at 10%.
The findings come at a time when many Nigerians are grappling with the consequences of inflation, which has severely impacted the price of food and essential goods.
From 2023 into 2024, inflation rates have continued to rise, leading to widespread frustration with government policies.
Many cite difficulties in meeting basic needs, and the situation has been further aggravated by the recent fuel price hike introduced by the Bola Tinubu-led administration.
The report also shines a spotlight on the pervasive issue of corruption in Nigeria, with over N700 billion paid in bribes in 2023 alone.
Alarmingly, 52% of the bribes were solicited directly by public officials, and 90% were paid in cash or through money transfers.
Adding to the economic strain, unemployment remains a major concern, particularly as many businesses have been forced to shut down due to the ongoing economic hardship.
According to Mr. Femi Egbesola, the National President of the Association of Small Business Owners of Nigeria (ASBON), an alarming eight million businesses ceased operations between January 2023 and June 2024.
The report further highlights that crime and insecurity remain critical concerns, with kidnappings and violent crimes continuing to disrupt daily life in many parts of the country.
Despite significant financial investments in security, including N3.2 trillion allocated to security interventions during the first year of the Tinubu administration, progress has been minimal. Kidnappings, banditry, and other forms of violence still plague large portions of Nigeria.
