For many Nigerians, celebrating Christmas in 2024 is less about joy and festivity and more about survival. Just like previous years, Victor Temi, a teacher and father of two, had looked forward to celebrating Christmas with his family, a time to share joyful moments over delicious meals and thoughtful gifts.
As 2024 comes to a close, the soaring cost of living cast a shadow over his festive plans.
Victor, like many Nigerians, faces the harsh realities of rising inflation. A man who hustles daily to meet his basic family needs, juggles multiple jobs to pay for essentials like food, shelter, and electricity.
“Everything is so expensive now,” he lamented. “Even the staples I could afford last year have become luxury items.”
This year, instead of the usual excitement of shopping for Christmas, Victor found himself calculating every naira, wondering how to balance his family’s needs with the ever rising prices.
The cost of rice, a staple for many Nigerians during the festive season, has doubled in some markets, making it nearly impossible for middle-income earners like Victor to celebrate the way they once did.
“I’ve picked up extra teaching jobs and started trading on weekends, but it’s still not enough,” Victor explained. “I just want my family to have a decent Christmas meal, but even that seems like a dream now.”
Victor’s story reflects the broader struggles of millions of Nigerians grappling with the economic impact of inflation, making this Christmas season less about celebration and more about survival.
Just like Victor, the joy of celebration is overshadowed by the relentless rise in the cost of living, leaving many Nigerians grappling with financial struggles.
According to market visits, it’s shown that prices of essential goods and household items remain stubbornly high, with food staples like rice, beans, vegetable oil, and tomatoes increasing weekly.
Cooking gas now costs as much as ₦1,500 per kilogram in some areas, while soaring petrol prices and expensive transportation further strain household budgets.
Despite interventions by regulatory agencies, the naira’s value remains unstable, exacerbating the economic challenges.
Both salary earners and self-employed individuals lament that their income can barely cover basic needs, including feeding, education, shelter, and transportation.
“Life has become unbearable,” many say, as they struggle to make ends meet during what should be a season of abundance and joy.
Inflation and economic instability has drastically affected the quality of life in Nigeria. Supply chain disruptions, stagnant wages, and high rental and property costs have compounded the financial strain.
As prices of goods and services continue to climb, many families are forced to cut back on festive preparations or abandon them altogether.
In the markets, traders confirm that prices surge weekly, making it increasingly difficult for households to afford Christmas staples.
Meanwhile, public transportation costs and the scarcity of affordable goods have left more people trekking to work, further reflecting the grim economic reality.
Action by FCCPC to Address Rising Prices and Protect Consumers
A report by Federal Competition and Consumer Protection Commission (FCCPC) on April 17 2024, said it is taking proactive steps to address the continued rises in prices of goods and services, stating that the FCCPC understand the significant financial strain these rising prices were placing on Nigerian households.
While the FCCPC cannot directly regulate prices, the commission utilizes its existing legal framework to enforce fair competition and consumer protection provisions.
This includes monitoring and investigating unusual price hikes, addressing complaints filed by consumers, and taking action against businesses found to be engaging in anti-competitive practices such as price fixing, price gouging, or cartel formation.
Christmas Celebration
In a series of interviews, many Nigerians shared their frustrations about how the rising cost of living has dampened the festive spirit, especially when it comes to celebrations like Christmas, New Year, birthdays, weddings, and anniversaries.
Citizens from various walks of life voiced their concerns, expressing how the economic pressures have not only affected their personal celebrations but also limited their ability to give back during this season of generosity.
For many, the festive period has always been a time for family, love, and shared joy. It’s a time to gather with loved ones, exchange gifts, and partake in meals that mark the season.
But for others, this year’s celebrations will be far from what they envisioned. Mrs. Olowosoyo, a civil servant, reflected on the stark contrast to previous years. “We can’t do much this year because of the high cost of living,” she said. “Even the simple act of sharing food and clothes with the needy is no longer possible.”
The once vibrant and communal atmosphere that defined Christmas and New Year seems distant, replaced by financial stress that many families are struggling to manage.
Olowosoyo Moyin, another salary earner, echoed similar sentiments. She described how her monthly income has gradually become inadequate for her family’s needs. “The increase in prices is very obvious,” she explained.
“Before, ₦20,000 could cook meals for a week during the festive season, but now, that amount can’t even prepare a pot of soup for two days.
A monthly salary of ₦50,000 used to be enough to cover the essentials, but now, with the cost of everything skyrocketing, we are looking at ₦150,000 a month, which is dramatic for someone earning a salary.”
Students are not left out as Segun-Odidi Yoyinsola, a student at Lagos State University, shared her concerns about the economic situation, particularly during the festive period.
“Every Christmas, my mum always makes sure she cooks a lot of food, bakes snacks, buys new clothes for my family, and visits our extended family,” she reminisced. “But 2024 Christmas is totally different.”
Yoyinsola, who often hears her mother complain about the skyrocketing prices, expressed frustration over the relentless price hikes.
“Different day, different lamentation,” she said, her voice tinged with annoyance. “Well, I feel extreme annoyance because why do the prices of things keep getting higher?”
Similarly, Ojo Emmanuel Oluwadarasimia, a 100-level student at Obafemi Awolowo University (OAU), lamented the tough situation his family faces this festive season.
“Things are really tough right now, they’re so costly and keep increasing every single day. There is no money in circulation to buy anything,” he shared.
“My spending habits haven’t been normal since the beginning of the month. The usual me spends ₦2,000 a day, but now it’s ₦200 per day,” he added.
Oluwadarasimia referenced a Latin phrase, “Nemo dat quod non habet,” which means “You can’t give what you don’t have.”
He emphasized how dependent many families are on their parents as the primary source of income, highlighting the struggles faced when that income is insufficient to cover even basic needs.
These stories illustrate the deepening financial strain many Nigerians face as the cost of living continues to rise.
For so many, what should be a joyous time of celebration has turned into a painful reminder of the widening gap between income and expenditure.
The festive season, once a symbol of hope and community, now feels out of reach for many families, who are forced to adjust their expectations and prioritize basic survival over traditional celebrations.
By: Fumilayo Thomas, Miracle Ajisafe and Esther Opakunle
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