IMF: Nigerians Still Struggle With High Living Costs Despite Economic Growth

The International Monetary Fund says Nigeria’s improved economic growth and energy-export earnings have not eased the pressure of high living costs on many households. The Fund warned that rising prices of food and other essentials could worsen poverty and food insecurity. In its October 2026 World Economic Outlook, the IMF raised Nigeria’s 2026 growth forecast to 4.2 per cent from 4.1 per cent projected in July. It said the outlook is supported by improved macroeconomic stability and favourable terms of trade. The Fund recommended targeted cash transfers and temporary income support for vulnerable households. It also warned that higher energy and food prices, geopolitical tensions and possible corrections in AI-related investments could weaken global growth and create fresh inflation pressures.

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.