One random morning in 2023, we all woke up to discover that bread had gone from ₦400 to ₦700 in the span of a year. Today, that same loaf now costs between ₦1,200 and ₦2,000. The culprit responsible for this uncomfortable change is inflation.
Just like bread, the price of almost everything you need to survive has risen sharply in the last two years. In February 2024, Nigeria ranked 13th among countries with the highest inflation rates in the world. Inflation has slowed from 31.7% in 2024 to 16.8% in October 2025, but bread is still ₦1,200, and the price of many essential goods remains impossibly high.
Nigeria’s economy is very volatile, and finding your feet in this economy can be as difficult as living in Lekki during the rainy season.
To make your life easier, we’ve put together a list of 7 things you can do to manage inflation better.
Your Bank Statement Should Not Be a Jumpscare
It’s easy for your bank statement to confuse you at the end of each month. You see a lot of money leaving and entering your account, but you have no idea where it all went. The last time you checked, you had not made any major purchases; you didn’t buy clothes, a new wig or any gadgets this month, but your transaction history is littered with ₦2k debits, and you have no savings.
The problem is that you think it’s the big bills that are draining your account, but it isn’t. Small spontaneous ₦500 expenses build up until you’ve somehow spent ₦100k. If you track your expenses, you’ll be surprised at how money you spent on Fanta in a month.
Know What You Can Actually Live Without
As uncomfortable as it sounds, inflation means you have to compromise. Sometimes, it may mean having to stop eating your favourite brand of imported chocolate biscuits or making homemade zobo instead of spending so much money on Sprite at the office. After tracking your spending, look at the items that take the most money out of your pocket and think of ways to cut those costs.
Take the Market Home With You If You Can
If you only buy things from your neighbourhood supermarket when you need them, you will end up spending more money in the long run. Buying essentials like deodorant, rice or toothpaste in bulk will allow you to take advantage of wholesale discounts. It can sometimes mean you get items at a cheaper rate, and you don’t have to worry about restocking when prices are high.
There’s No Shame in Thrifting
When you’re in the market, almost everything on the shelf can look necessary, but in this economy, you must differentiate between what you think you need and what you actually need to cut costs. Don’t buy what you don’t need.
Sometimes, buying the same product from a lesser-known brand is cheaper than buying it from a popular brand. Another way to save money while shopping is to buy thrifted items. Good thrift clothes, household items and electronics are just as good as new items, if you know how to buy them.
Save First, Not Last
In truth, there will always be one thing or another that requires you to spend money. The demand for money is endless, no matter how much you have. If you wait until after spending to save, you’ll never save anything. Rising costs should not be an excuse not to save because when unforeseen circumstances arise, your savings will always come through for you. A general rule of saving is to save 20% of your income before you spend anything, but honestly, just save whatever you can.
Ask for a Raise
Let’s face it: the best solution to not having money is more money. More money never hurt anyone. If you’re in a work environment where negotiation is possible, ask for a salary increase. Your employers know that there’s economic hardship. A closed mouth is really a closed destiny. Ask.
Start Investing
When there is inflation, the value of your money decreases, and you lose purchasing power. This means that what you could buy with 100k in 2020 would probably cost 300k to buy today. Hoarding your money in a bank account somewhere means its value will continue to decrease.
If you must save, save your money in a stable currency, but your best bet would be to take advantage of the inflation, make investments, and watch your money keep growing.
Next Read: How Financially Savvy Are You?
