Nigeria's annual inflation rate reached 34.8% last December, the highest rate in nearly thirty years, according to the National Bureau of Statistics (NBS).

A study carried out by the Nigeria Economic Summit Group, a group of large private companies, mentions that “inflation in Nigeria became the highest in Africa and the fourth highest in the world in December 2024". According to the organization, this reflects “the deterioration of living conditions and the increasing poverty of Nigerian families. This includes high food prices, high transport costs, and deteriorating security.” High inflation caused GDP growth to fall from 3.5% in 2020 to 3.2% at the end of 2024, which is not enough to improve living standards. The government has set a target of GDP growth of 4.4%, implying an 80% increase in the number of self-employed workers and a 20% increase in the number of