Bloomberg’s recent announcement of Nigeria’s inflation rate dropping to 24.48% in January 2025 has sparked widespread skepticism and outright rejection among Nigerian citizens. Despite the National Bureau of Statistics’ (NBS) claim of a significant decrease from December’s 34.80%, many Nigerians argue that the data does not reflect their daily economic struggles.
The NBS attributed the drop to a rebasing of the Consumer Price Index (CPI), a move intended to update the basket of goods and services used to measure inflation. However, this statistical adjustment has not translated into tangible relief for the average Nigerian.
Public Reaction:
In the bustling markets of Lagos, traders like Mrs. Adaeze Okonkwo, who sells staple foods, expressed frustration. “They say inflation is down, but have they been to the market? The price of garri, rice, and beans hasn’t gone down. If anything, they’ve gone up,” she remarked, echoing the sentiments of many who feel disconnected from the official figures.
On social media platforms, the discontent is palpable. Posts found on X highlight a disconnect between the government’s statistics and the lived experiences of Nigerians. One user pointed out, “The inflation didn’t drop because of current realities. It only dropped because they changed the macroeconomic metrics used in the calculation.” Another common grievance is the seasonal nature of food prices in Nigeria, which are not adequately captured by the revised CPI.
Economic Analysts Weigh In:
Economic analysts have mixed views on the rebasing exercise. While some applaud the methodological update as a necessary adjustment to reflect current consumption patterns, others criticize it as a cosmetic change that doesn’t address underlying economic issues. “Rebasing can mask the real economic pain,” said Dr. Oluwatosin Adebayo, an economist at Lagos Business School. “The cost of living continues to rise, and this should be the focus, not just statistical adjustments.”
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Government Response:
When questioned about the public’s skepticism, government officials maintain the integrity of the NBS data. “Our methodology aligns with global best practices,” stated a spokesperson for the Ministry of Finance. However, this has done little to quell public dissent, with many arguing that the rebasing is an attempt to present a rosier economic picture than what is experienced in homes and marketplaces across Nigeria.
Impact on Policy and Public Trust:
The discord between the reported inflation rate and the perceived economic reality could influence future policy decisions, especially in how economic data is communicated and trusted. There’s a growing call for more transparent and inclusive economic metrics that genuinely reflect the economic conditions of everyday Nigerians.
While the Bloomberg report tells a story of statistical victory in combating inflation, for many Nigerians, the struggle with rising costs persists. This discrepancy brings to question the effectiveness of the data from which this conclusion was reached and how such wrong data will influence policy makers.
No statistics is superior to the voices from the streets, markets, and social media platforms. These voices demand acknowledgment — a reminder that behind every statistic lies the real-life experiences of millions, whose trust in economic reporting is at stake.