DOI: 10.46557/001c.123839 ISSN: 2652-6433

Navigating Economic Policy Uncertainty in Nigeria: The Influence of Soaring Food and Commodity Prices on the Cost-of-Living Crisis in Nigeria Amid Geopolitical Risks and Energy Market Fluctuations

Olajide O. Oyadeyi, Kwame C. Ukoli, Akshay Chandiramani, Julissa Rosas, Jiayi Luo, Oluwadamilola A. Oyadeyi

The study explores the impacts of soaring food and commodity prices on the cost-of-living crisis in Nigeria. The research was premised on the rationale that the recent subsidy removal of petrol prices and the announcement of the unification and liberalisation of the exchange rates may have worsened the already existing crisis instigated by the war in Ukraine, which elevated food and commodity prices globally. The study showed that rising inflation, premium motor spirit prices, agriculture production cost and exchange rate depreciation have led to shrinking incomes, thereby reducing household purchasing power and increasing poverty. The paper recommends strategies for fiscal and monetary authorities to address the cost-of-living crisis.

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