See more as Nigerians face new cost of transportation, petrol prices increase

• The outgo of surviving leaves galore Nigerian households with small to spare aft paying for transportation
• New information shows that the outgo of proscription successful Nigeria has importantly surged implicit the past 7 years
• The emergence successful proscription costs reflects petrol prices, which person jumped astir 5 times successful 22 months implicit the period

Legit.ng writer Dave Ibemere has implicit a decennary of concern journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

Rising transport costs fueled by surging petrol prices person pushed nutrient prices beyond the scope of galore Nigerians.

Many Nigerian households person been forced to chopped backmost connected nutrient to past the existent economical conditions.

Nigerians wage much for transportation Photo credit: Bloomberg/contributor
Source: Getty Images

Petrol terms drives the caller outgo of living

In the past 22 months, petrol prices person jumped significantly, hovering betwixt N800 and N900 per litre, with projections suggesting they whitethorn emergence to N930 per litre

Transporters connected their portion accrued the outgo by 20 to 100% implicit the period.

The spike has accrued logistics expenses for nutrient traders, who walk the outgo onto Nigerians buying astatine the market.

Many families present conflict to spend 3 quadrate meals daily.

According to SBM Intelligence, Nigeria’s transport costs person accrued implicit the past 7 years.

Bus fares for interstate question roseate by 403.5%, airfares by 280.7%, and h2o transport fares by 148.8% implicit the period.

SBM Intelligence said:

“The interaction connected low-income Nigerians is peculiarly severe. Small businesses and traders reliant connected proscription for goods organisation look accrued operational costs, starring to higher user prices."“Within a year, the terms of staple foods for galore cash-strapped Nigerians much than doubled."

Food prices successful Nigeria person go harder for Nigerians to buy Photo credit: Bloomberg/contributor
Source: Getty Images

Nigerians squeezed with caller prices

The study further revealed that 3 retired of 10 Nigerian workers walk implicit 20% of their wage connected transportation, underscoring the dense fiscal load caused by rising transport costs.

Samson G. Simon, main economist astatine ARKK Economics and Data Limited, noted that adjacent employed Nigerians conflict to spend nutritious diets owed to shrinking disposable incomes, BusinessDay reports.

He said.

“The Nigerian Financial Services Market Report revealed that lone 2.4% of Nigerians gain supra N200,000 per month, portion 3.7% gain betwixt N150,000 and N200,000.“About 8.3% gain betwixt N100,000 and N150,000, portion 19.3% gain N50,000 to N100,000. Roughly 21.2% gain betwixt N35,000 and N50,000, portion 27.8% gain beneath N35,000. Meanwhile, 17.1 percent of Nigerians are unemployed.”

10 states with the highest outgo of nutrient prices

In a erstwhile study by Legit.ng the NBS has revealed that nutrient ostentation successful February 2025 reduced aft months of consecutive increases.

The new NBS study revealed a database of states successful Nigeria wherever residents are experiencing the fastest summation successful nutrient prices

The study stated that the driblet successful nutrient ostentation connected a year-on-year ground declined successful the mean prices of nutrient items similar Yam tuber and potatoes.

Others are Soya beans, Flour of maize/cornmeal, Cassava, Bambara beans (Dried).

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Source: Legit.ng