By Austine Agbo Emmanuel, Kaduna
…Nigeria’s reforms, oil recovery driving ‘faster-than-expected rebound’ — IMF
After months of economic difficulty and spiraling inflation, Nigeria’s economy is beginning to show credible signs of recovery, with the Naira regaining value against the United States Dollar.
As of Thursday, the currency traded at around ₦1,444 to $1 in the official market, marking a sharp turnaround from the troubling ₦1,900 to ₦1,950 range recorded earlier in the year. The International Monetary Fund’s (IMF) latest report, issued in October 2025, supports this encouraging development, noting that Nigeria’s economy is rebounding faster than earlier anticipated due to stronger oil production, renewed investor confidence, and ongoing fiscal reforms.
According to the IMF, while inflationary pressures persist across much of Africa, Nigeria’s recent policy adjustments and steadier exchange rate have begun to deliver tangible results. The country now stands among the few in the region where domestic reforms are producing visible recovery.
However, despite this progress, public sentiment tells a different story. Nigerians who were once outspoken about economic hardship have grown noticeably quiet, even as prices of essential goods decline in major markets across the country.
A NewsDirect market survey at Bakin-Dogo Market in Kaduna on Thursday revealed that the cost of staple food items has continued to fall. A 50kg bag of locally produced rice now sells for about ₦55,000, while imported rice goes for ₦70,000. A bag of onions, which cost between ₦200,000 and ₦250,000 at the height of the dollar crisis, now sells for between ₦65,000 and ₦70,000. Beans are priced at around ₦115,000 per bag, compared to last year’s ₦220,000, while a basket of tomatoes sells for ₦30,000 and a bag of pepper for ₦20,000.
The Chairman of the Tomatoes Sellers Association, Kaduna Market branch, Isah Adamu Kafur, credited the decline to improved supply and the Naira’s stabilisation. “Prices have started coming down because farmers are bringing more produce to the market,” he explained. “The exchange rate is now more stable, and that has helped the market to recover gradually.”
Similarly, the Chairman of the Onion Sellers Association, Alhaji Dayyabu Ibrahim, confirmed the drop in onion prices and appealed for stronger cooperation with government to make quality seedlings available. “We need government to work with us so that farmers can access improved onion seeds,” he said. “If inputs are affordable and available, prices will remain stable.”
The Secretary General of the Pepper Sellers Association, Mustapha Yusuf, called on government to support local farmers with fertiliser and other inputs. “Fertiliser is very costly, and that affects everything,” he said. “Our capital is limited, and we need government assistance. If support reaches the farmers directly, the market will stabilise further.”
Another trader, Mallam Umar Sagir Muhammad, an executive of the Tomatoes Sellers Association, appealed for better storage and market facilities. “We are dealing with perishable produce,” he noted. “If government can provide proper storage and display centres, it will reduce losses and allow us to keep prices lower.”
Despite these encouraging developments, public perception remains largely unmoved. Many Nigerians continue to describe the economy as “hopeless” and the government as “insensitive,” showing little recognition of the ongoing recovery.
NewsDirect observed that this reaction reflects a broader social tendency to dwell on hardship while overlooking improvement. During the period of sharp Naira depreciation, citizens were quick to link every price increase to the exchange rate. Now that the situation is reversing, few are acknowledging the progress being made.
A vegetable trader at Kawo Market, Maryam Shuaibu, expressed this sentiment plainly. “People only complain when things go up,” she said. “When they drop, nobody talks. If we lower prices too quickly, we might not recover our losses.”
This attitude, while understandable, also exposes a form of economic inconsistency that slows the pace of recovery. Several traders admitted that most customers do not keep track of real market prices, allowing some sellers to maintain higher rates even as costs fall.
Economic analysts have therefore called for stronger oversight by the Federal Competition and Consumer Protection Commission (FCCPC) to ensure that lower wholesale prices are reflected at the retail level. They also called on citizens to acknowledge positive changes with the same energy they display when criticising hardship.
Nigeria’s economic recovery may be gradual, but it is unmistakably underway. The steady rise of the Naira and the decline in market prices point to policy measures beginning to take hold. Yet, unless Nigerians learn to recognise and support genuine progress, the country’s path to lasting economic stability will remain longer than necessary.