Inflation is the continuous rise of commodities, services, and goods. Nigeria has become a trend that has made life so unbearable for people in the country. In Nigeria, the national anthem in the mouth of everyone seems to be the lowering value of the naira to the dollar. The layman even though not having an in-depth understanding of what that means understands that the cost of everything would increase when they go to the market.
Nigeria's annual inflation rate rose for the first time in eight months after falling consecutively for so long. Inflation rose from 15.40% in November to 15.63% in December 2021, the National Statistics Office announced. The Office for National Statistics said that the prices of goods and services, as measured by the consumer price index, increased by 15.63% in December 2021 compared to December 2020. (15, 75%) percent," it reads. "This shows a slowdown in the rate compared to the corresponding period of 2020. But comparing the rate with the year-over-year trend in previous months shows that the rate increased. In addition, comparing the rate of price change between December and November (month-on-month) shows that the main index increased by 1.82% in December 2021. The figure for November was 1.08%.

Link: https://efeegube.com/inflation-in-nigeria-causes-consequences-and-solution/

We are seriously a consumer economy with improper management of the Scarce resources (forex earned via OIL).