Recall that there has been a proliferation of online banks offering lines of credit primarily aimed at low-income people. There are also about 161 loan apps that have received full approval to operate from the Central Bank of Nigeria (CBN) authorities.
However, reported instances of unethical practices by these loan apps have not deterred or curbed the desire of Nigerians for credit facilities from these digital lenders.
While the study primarily looked at how much Nigerians in different income categories are spending on food these days, an interesting part of the study is how Nigerians have adapted to the recent rise in the cost of living. I was wondering if there were any.
The study also reports that 49 per cent of Nigerians earning less than the minimum wage of N30,000 spend all of their money on food.
According to the survey, 47 per cent of Nigerians in the income bracket of N31,000 to N50,000 also spend all of their income on food, while Nigerians in the N51,000 to N80,000 income bracket spend more than 60 per cent of their income. It is reported that For food.
The report sheds light on how Nigerians are adapting to record inflation driven primarily by soaring food prices.
The National Bureau of Statistics (NBS), in its latest inflation report, said Nigeria’s inflation rate was 26.72 per cent and food inflation was 30.64 per cent.
Nigeria has been battling unending monthly inflation for nine consecutive months, with inflation at its highest level in nearly 20 years due to the recent removal of fuel subsidies and fluctuations in the foreign exchange market.