HARD-SHIP RATE IN NIGERIRA

Nigeria's rate of hardship is extremely high, with 63% of its population living in multidimensional poverty as of the 2022 survey, a situation worsened by high inflation, climate change, and persistent violence. This widespread economic hardship forces many into food insecurity, health crises, and mental distress, with experts noting that a declining happiness ranking and increased migration are direct consequences of these conditions. 

Key Indicators of Hardship

High Multidimensional Poverty: 

In 2022, 133 million Nigerians, or 63% of the population, were classified as living in multidimensional poverty, meaning they experience significant deprivations in multiple aspects of their lives. 

Food Insecurity: 

An estimated 33.1 million people were projected to face acute food insecurity in 2025 due to economic hardship, climate change, and conflict. 

High Inflation: 

Persistent high inflation is a major driver of economic hardship, significantly increasing the cost of basic necessities like food and healthcare. 

Lack of Basic Services: 

Many Nigerians face barriers to vital services, with less than 10% having health insurance, leading to high out-of-pocket healthcare expenses. 

Declining Well-being: 

Experts link Nigeria's worsening economic situation to a declining ranking in the World Happiness Report, increasing rates of anxiety and depression, and a potential reduction in life expectancy. 

Contributing Factors

Economic Structural Issues: 

Inadequate logistics infrastructure, high post-harvest losses, and persistent insecurity in key agricultural areas contribute to high food prices. 

Monetary Policy: 

Excess liquidity and a volatile exchange rate intensify cost-push pressures and create uncertainty for businesses and consumers. 

External Factors: 

Global increases in energy and food prices also spill over into Nigeria's domestic market. 

Violence and Conflict: 

Persistent violence, particularly in the northeastern states, exacerbates food insecurity and displaces communities. 

Impact on the Population

Increased Malnutrition: 

About 38% of children under five are stunted, a clear indicator of widespread malnutrition resulting from poverty. 

Mental and Physical Health Crisis: 

Financial stress and the inability to afford basic necessities are taking a toll on the mental and physical well-being of many Nigerians. 

Migration: 

The economic hardship has fueled rising migration rates, as many Nigerians seek better opportunities and stability abroad.