Five Economic Reforms to Cut Prices and Ease Nigeria’s Cost of Living

These practical policy steps target five critical sectors to tackle Nigeria’s high living costs. They focus on fixing cost structures, boosting competition and improving information without direct price controls. 1. Food: Eliminate illegal levies, digitize and cap market fees, open priority transport corridors, release strategic reserves and share daily wholesale prices. 2. Transport: Fast-track CNG/LNG conversions for buses and trucks, reduce port dwell time with single-window clearance, and support operator cooperatives to negotiate bulk fuel and maintenance deals. 3. Pharmaceuticals: Prioritize FX access for essential drug importers, offer tax holidays and guaranteed procurement for local manufacturers, publish benchmark prices and centralize hospital procurement. 4. Cement: Temporarily zero-duty cement imports to break local pricing power, fix industrial gas at a Naira rate, and enforce anti-collusion measures on major producers. 5. Building Materials: Grant duty relief on raw inputs, mandate local content for public projects and launch an online materials exchange to promote price transparency. By making cheating costlier than compliance, rewarding formal business registration, and empowering states to publish market data and enforce reforms, these measures can ease hardship and shore up the current administration’s economic agenda ahead of 2027.

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