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Story summary
- Nigeria faces a severe cost of living crisis as food prices reach a 20-year high and inflation hits 31.4% in 2024.
- President Bola Tinubu's government cut subsidies on currency and gasoline, raising transport costs and eroding purchasing power.
- Economic experts say the reforms are necessary but criticize their execution, while Boko Haram's security troubles aggravate agricultural production.
- Some analysts remain cautiously optimistic about a potential economic recovery if reforms continue.
