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Top 5 Ways Current Economic Crisis Affects Nigerians

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It is no secret that the Nigerian economy is in crisis. In the last six months, the official Nigerian currency, Naira, has fallen by almost 50% and there has been an increasing change in the price of goods and services. With pay increases lagging behind and the inflation soaring, the wallet of most Nigerians continue to take a beating as the cost of living increases in just about every aspect of daily life.

Jumia Travel, Africa’s No.1 online hotel booking portal, lists the top 5 ways the crisis is affecting the everyday life of Nigerians.

Decreased job opportunities

From prospective civil servants to bricklayers just looking for an hour’s pay, citizens in the country are now faced with extreme difficulty in securing job opportunities as most employers can no longer afford to pay as much as they used and are instead laying off staff to ensure they maintain operations. Even marketers and sellers can no longer make as much sales as they used to and most have closed shop, as consumers now tend to buy less, switch to less-expensive substitutes or drive farther to find bargains.

Increase in cost of living

The recent times have witnessed significant increase in food, fuel and utility costs. This means that less money remains once these necessities are paid for, leaving little for savings or discretionary spending. While the effect of this hike in cost of living has affected almost all citizens in their daily life, the rising prices have hit the lower and middle classes especially hard. It is quite difficult to keep up with the rising cost of living when your paycheck is not growing at a similar rate.

Higher security risks

There are increased incidents of theft and kidnapping for ransom around the nation. It is getting hard to earn an honest living and some who feel like they have no other choice give in to different vices and extort money from others either by conning them, or forcefully taking it from them. The people, both rich and poor, are therefore more prone to security risks; and the culprits when caught, face the prospect of jail term.

Reduced access to credit and trade financing

The economic crisis in Nigeria is friendly to debtor’s but of huge disadvantage to creditors as thanks to the continued inflation, amount borrowed will eventually deteriorate in value so that the debtor pays back less money and the creditor receives less money. This has been harder for financial institutions, including banks to give out loans in recent times to prospective entrepreneurs and traders and as such, most are finding it hard to keep their businesses afloat or grow them any further than it already is.

Depression

The economic crisis has ensured the life of the average Nigerian is becoming more difficult by the day. A majority of Nigerians are suffering from depression and as such, are now finding it hard to go on with their daily lives. In a bid to make ends meet many stay on the hustle and are forced to manage all kinds of stress, from physical to emotional. This has led to an increase in death rate and a decrease in fertility rate in the country.

Nkem Ndem, a PR Associate at Jumia Travel, writes from Lagos.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Health

Nigeria Launch €4.2m Initiative to Boost Capacity Against Outbreaks

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By Adedapo Adesanya

Nigeria has launched a €4.2 million programme supported by the European Union (EU) and implemented by the World Health Organisation (WHO) to strengthen the country’s capacity to detect and respond to disease outbreaks.

The initiative, known as the EU Support to Public Health Institutes in Nigeria (EU SPIN), will be carried out over four years in partnership with the Federal Ministry of Health and Social Welfare.

It is aimed at improving the performance of selected public health institutions through better coordination, faster information sharing and enhanced workforce capacity.

Speaking at the launch in Abuja on Monday, the Minister of State for Health and Social Welfare, Mr Iziaq Adekunle Salako, described the programme as a significant step towards strengthening Nigeria’s healthcare system.

“This initiative is designed to strengthen our health institutions, and it is truly a welcome development. It will improve the well-being of Nigerians, especially our vulnerable populations,” he said, noting that it aligns with the federal government’s broader health reform agenda.

Nigeria continues to face a dual health burden, with recurring infectious disease outbreaks alongside a growing prevalence of non-communicable diseases such as hypertension and diabetes.

According to the WHO, non-communicable diseases now account for 27 per cent of deaths in the country, while malaria alone contributes about 30 per cent of global malaria fatalities.

Recurrent outbreaks of cholera, diphtheria, Lassa fever, meningitis and Mpox also remain a major public health concern.

The EU SPIN programme is expected to address systemic gaps that slow outbreak response by strengthening collaboration among public health institutions and clarifying roles across federal, state and local levels.

It will also support real-time data systems to enable quicker and more informed decision-making during health emergencies.

A key component of the initiative is workforce development, with plans to train up to 75 per cent of public health staff in leadership, prevention and response strategies, as well as digital skills.

The European Union Ambassador to Nigeria, Mr Gautier Mignon, said the programme reflects a shared commitment to building resilient health systems.

“Through EU SPIN, the European Union is investing in strong, digitally enabled public health institutions in Nigeria. This partnership underscores our commitment to health security and sustainable systems strengthening,” he said.

Also speaking, the WHO Representative in Nigeria, Mr Pavel Ursu, noted that improved coordination and digital tools would enhance the country’s ability to protect lives.

“By improving coordination, skills and digital tools, the project will help protect lives and keep communities healthier,” he said.

Officials said the programme would ultimately strengthen links between public health systems and primary healthcare services, ensuring that communities benefit from faster and more effective responses to health threats.

By 2028, the initiative is expected to deliver more efficient inter-agency coordination, clearer institutional responsibilities and more reliable public health data nationwide, with progress tracked through national monitoring systems and periodic reviews involving government and development partners.

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Malaria: SUNU Health Advocates Wider Adoption of HMO Plans

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By Aduragbemi Omiyale

To achieve a malaria-free Nigeria, a leading Health Maintenance Organisation (HMO) with a robust nationwide presence, SUNU Health Nigeria Limited, has called for a wider adoption of HMO packages for citizens.

It stressed that managed care provides a critical safety net, ensuring families can access quality preventive services without the burden of immediate, high costs, adding that this structured approach transforms healthcare from an unpredictable expense into a manageable, guaranteed service.

The company, which officially unveiled a comprehensive strategic roadmap aimed at drastically cutting down on malaria-related deaths, emphasised that the disease can be eradicated if citizens and stakeholders adopt consistent preventive measures.

“Eradication is within our reach if we synchronise our efforts,” the chief operating officer of SUNU Health, Dr Faith Nwachi, said, noting that the tools for victory range from environmental hygiene to the consistent use of treated nets, which are easily accessible to every Nigerian.

The organisation noted that it came up with the latest framework to significantly reduce the disease burden that has historically hindered Nigeria’s productivity and public health stability.

The urgency of this intervention is underscored by concerning data from late 2025, which revealed a sharp upward trend in cases, it stated.

With over 24.5 million confirmed cases reported in the first nine months of last year alone, the 2026 landscape demands aggressive action. Currently, malaria remains a leading cause of mortality, responsible for approximately 30 per cent of child deaths and 11 per cent of maternal deaths annually.

A central pillar of the roadmap is a focus on preventative care. As of early 2026, according to the World Health Organisation, malaria still accounts for nearly 30 per cent of all hospital admissions in Nigeria.

By addressing the root causes and transmission cycles, SUNU Health seeks to drastically lower these statistics, ensuring Nigerians can lead more active lives without the constant threat of infection.

Dr Nwachi further underscored the economic necessity of this shift, stating that “prevention is significantly cheaper than cure.”

The financial toll on the Nigerian economy is staggering, with billions of Naira lost annually to treatments and diminished man-hours. For the average family, frequent bouts of illness lead to catastrophic out-of-pocket expenses that undermine financial security.

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AltBank, Partners Recommend Autism Care Financing Options, Others to Government

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By Aduragbemi Omiyale

Plans are underway by the Alternative Bank (AltBank) to present a policy brief to relevant government ministries, recommending vocational pathways, autism care financing options, and a 12-month Lagos pilot across selected schools and primary healthcare centres.

The recommendations are from the inaugural Autism Stakeholders Roundtable and Policy Dialogue in Lagos, organised by the lender in partnership with the Private Sector Health Alliance of Nigeria (PSHAN), Eliakim Foundation, and Sterling One Foundation under the theme, It is How You Show Up.

The programme served as a critical platform to address the country’s fragmented autism support systems, with leading healthcare professionals, policymakers, and autism advocates in attendance, praising the financial institution’s decisive shift toward early intervention, systemic inclusion, and comprehensive capacity building for parents and caregivers.

The president of the Medical Women’s Association of Nigeria (MWAN) Lagos State Branch, Dr Ime Okon, stressed her group’s alignment with the bank’s initiatives.

“We recognise caregivers and families as central to the success of any intervention. We are showing up, holding their hands, to ensure they are never left to navigate this journey alone.

“For a physician, showing up means ensuring that a parent’s first concern is met with a strengthened, inclusive system rather than a clinical dead-end with no solution. The Alternative Bank has signalled a shift toward a high-level platform for national action,” she stated.

Validating this urgent need for systemic early response, the keynote speaker and founder of the Patrick Speech and Languages Centre (PSLC), Mrs Dotun Akande, advocated the integration of universal developmental screening into primary healthcare, stressing that Nigeria must transition from relying on parallel private centres to building a coordinated national response.

“What Nigeria must now build is a system where intervention happens early, equitably, and at scale, without depending on chance, geography, or privilege,” Mrs Akande noted, outlining the necessity of a caregiver support scheme that addresses both the financial and social needs of families navigating autism.

Answering this call to action, the Executive Director of Commercial and Institutional Banking (Lagos and Southwest) at The Alternative Bank, Mrs Korede Demola-Adeniyi, unveiled the financial institution’s concrete commitments to parent and professional training.

Noting that showing up in Nigeria has “too often meant showing up late,” she announced a robust three-pillar intervention agenda focusing on inclusive education, targeted training for caregivers and health professionals, and behavioural change advocacy.

As an immediate first step, Mrs Demola-Adeniyi announced the launch of a specialised capacity-building programme on Receptive Language Disorder, executed in collaboration with Eliakim Global Resources, which commenced on Sunday, April 26, 2026.

“Early recognition and sustained support depend on a workforce and caregivers who know what to look for, and what to do next,” she explained, emphasising that receptive language is a consequential developmental marker that is frequently missed.

The roundtable fostered dynamic discussions on practically designing and sustainably funding high-impact support programmes.

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