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Cost of living relief on the cards as Kenya, Nigeria currencies gain ground

Cost of living relief on the cards as Kenya, Nigeria currencies gain ground

SQUEEZED by painfully high prices for over a year, households in Kenya and Nigeria are beginning to get some relief as their national currencies strengthen against the US dollar and the cost of living starts to come down. In 2023, the shilling and naira were ranked among the worst-performing currencies in the world, according to data from Bloomberg and World Currency Monitor. The naira was the worst-performing currency in Africa in 2023, depreciating by over 40% against the US dollar while the shilling ranked 6th worst worldwide, with a slump of over 15% against the US Dollar. However, consumers in…
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South Africa is failing people who aren’t poor, but aren’t middle class either

South Africa is failing people who aren’t poor, but aren’t middle class either

MANY South African households are trapped. They are neither poor nor middle class. As a demographic, they hover above the indigence threshold financially. But they are not yet securely in the middle class. This aspirant middle class – individuals whose income is above the indigent thresholds but too low to afford the middle-class lifestyle – is growing in metropolitan areas globally. This class is financially vulnerable, with a higher risk of falling back into poverty compared to the established middle class. We set out to understand the challenges faced by this aspirant middle class in South Africa and the key…
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Effects of COVID-19 on millions of Nigerians

Effects of COVID-19 on millions of Nigerians

LIBBY GEORGE and ESTELLE SHIRBON SHEHU Ismaila Gbadebo has worked as a barber for two decades. The money he made at his rented stall in a bustling suburb of Nigeria's megacity, Lagos, used to be plenty for him to pay bills and set aside some savings. Now, he relies on donated food and sometimes skips meals to feed his family. Since COVID-19 hit Africa's most populous nation and biggest economy, prices for some staples such as eggs, onions and palm oil, have risen by 30% or more. Fewer people can afford a haircut, and those who can are demanding discounts…
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