Nigeria’s Economic Downturn, Inflation, and the Impacts on the Students of the University of Ibadan

Comfort Oludare

On a Saturday afternoon, Rachael Aduragbemi, a student of the Department of Early Childhood Education, Faculty of Education, set out for Bodija market to buy foodstuffs for the month. Frustrated with high prices at home, she hoped the market would offer a more favourable deal.

Rachael sighed, examining her purse’s content, well aware of her budget constraints. With limited funds, she reluctantly adjusted her preferences, opting for a congo of local rice over the imported one, assuming it would be more affordable.

“I will buy a Congo of local rice instead of the foreign/imported one. It should be cheaper.” Rachael had planned.

Approaching a woman whose smile had drawn her attention, Rachael inquired about the price, only to be shocked as the quoted price was double what it was mid-last year.

Attempting to negotiate, she suggested 800 naira, but to her dismay, two other market women joined in, hurling insults.

Sweating and with a heavy heart, Rachael hastily left the market without making the intended purchase.

This experience left a scar on Rachael. “It was an evening I would never pray for anyone to experience,” she said.

Cases of inflation like this have become a daily occurrence in Nigeria, leading to a continuous surge in the prices of goods and services. This has significantly impacted the cost of living, particularly for students. Despite these challenges, Nigerian universities have not shown leniency, imposing substantial increases in fees. For many students, the rising costs of goods, school fees, and supplies outpace their incomes, making it difficult to afford essential school items. Consequently, students resort to taking on extra work, adversely affecting their health and well-being, resulting in heightened anxiety and stress that detrimentally impact academic performance.

While some students seek funds through menial jobs, others strive to comprehend their parents’ financial constraints, managing with the limited support provided. This raises unanswered questions: can this meagre support adequately cover the expenses of the students of the University of Ibadan? How did they manage last semester, and will this semester be any easier? Will the Nigerian economy continue its decline, affecting citizens? The situation suggests little change since last semester, indicating that students must persist with their coping strategies, as change seems elusive.

Reflecting on her situation, Oladunni Iyanu, a student of the Food Technology department, Faculty of Technology, said, “Last semester was very difficult for me. I can boldly say that I experienced what hunger really tasted like, food stuff prices became shockingly high, that most times I wondered if I was dreaming, and prices became twice as high as before. It even affected my grades because I bought textbooks late, ate sparingly and so on.”

Mary Prosper**, a student of the Faculty of Arts, had a similar experience.

“The semester was tough. Coupled with hunger, there were lots of classes and assignments to keep up with. I struggled with concentration, I even had to stop my business for a while because of lack of funds. As for this semester, I can only hope,” she said.

To combat these challenges, students are being forced to take crucial steps to ensure a relatively better semester. Many students opted to reduce non-essential expenses, such as entertainment, clothing, or dining out. A lot of those facing financial struggles chose to cook their meals at home instead of eating out and walk instead of using commercial transportation on campus. Others had to find part-time jobs or learn life-changing skills. Some also had side hustles that fetched them extra income. Ayodele Timothy, a student of the Faculty of Law, was one of these students.

“First semester was a good one, I didn’t really feel the effect of the inflation, I have a flourishing business,” he said.

While some students will attempt to cut expenses this semester like they did the last, others are prepared to tow the path of earning. Elizabeth Semilore, a student of the department of Anthropology and Archaeology, expressed hope and aspirations for a better semester.

“The concluded semester was ‘what I ordered versus what I got’. It was a bit difficult even for me with a steady online business, but this semester will be better because I have come up with strategic plans that will work for me even in this new year. However, I still believe Nigeria can be better if some effective measures are taken as fast as possible,” she said.