Economists Warn of Deepening Pain as Nigeria’s Inflation Hits 15.38%

March’s headline inflation rose to 15.38% and food inflation to 14.31%, piling fresh pressure on Nigerian households. Recent fuel price hikes—petrol now above ₦1,300 per litre and diesel over ₦1,600—are linked to global tensions in the Iran–US–Israel conflict. Experts say both external shocks and local policy changes are to blame. Prof Godwin Oyedokun warns that subsidy removal and a weaker naira have fuelled cost-push inflation. He argues that better sequencing of reforms and stronger social safeguards are needed to protect vulnerable Nigerians. Gbolade Idakolo highlights soaring shipping and logistics costs and urges the government to introduce transport subsidies and urgent palliatives. Meanwhile, the IMF has cut Nigeria’s growth forecast to 4.1%, citing risks to food security and household incomes. Analysts propose cutting import duties on mass transit buses and granting VAT waivers to ease transport costs. They caution that without swift intervention, more Nigerians could be pushed into deeper poverty.

Use The App To Win ₦1m

Stories are shared by community members. This article does not represent the official view of NaijaWorld — the author is solely responsible for its content.