Johnson Chukwu, Chief Executive Officer of Cowry Asset Management Limited, has warned that Nigerians will not feel any relief from the country’s improving economy unless their incomes grow faster than rising prices.
Speaking in a post shared by Arise TV on X, Chukwu explained that the recent gains of the naira against the dollar, which saw it strengthen below the N1,500 mark, have not translated into better living conditions because wages remain stagnant.
“The idea that your standard of living will improve as the economy improves is based on the condition that your income must also increase,” he said. “Specifically, your income level must increase at a rate faster than the rate of price increases.”
He added that while Nigeria’s economy shows some stability and stronger GDP performance, most households continue to struggle due to high inflation and weak purchasing power.
According to the National Bureau of Statistics, food inflation dropped slightly to 1.57 percent in September, but overall prices of essential goods remain high compared to last year.
Economists say the impact of a stronger currency on daily living costs often takes time to be felt, especially when wages do not keep pace with inflation.
Chukwu emphasised that for Nigerians to truly benefit from macroeconomic stability, household income must rise alongside economic growth.
He also urged policymakers to prioritise job creation, wage reviews and productivity growth to reduce hardship and improve living standards.
