With the 2027 general elections coming up in the first quarter of the year, economic challenges like the rising cost of living, unemployment, and insecurity are expected to take centre stage in political discussions.
As Nigerians prepare to elect a president, federal lawmakers, governors, and state assembly members, the central question is whether candidates can convincingly address the hardships facing ordinary Nigerians.
A Troubled Economic Legacy.
Nigeria’s economic headwinds have deep roots. By the end of the Buhari administration in 2023, the country grappled with an inflation rate of 22.22 per cent, a soaring 33 per cent unemployment rate, shrinking GDP, and mounting public debt. Nearly all government revenue was being channelled toward debt servicing. These conditions left the incoming administration with a difficult foundation.
President Bola Tinubu’s subsequent reforms—including fuel subsidy removal, exchange-rate liberalisation, tighter monetary policy, and tax changes—delivered some macroeconomic stability according to the National Bureau of Statistics (NBS). Nigeria’s real GDP grew by 4.43 per cent year-on-year in Q2 2026, and headline inflation dropped to 15.43 per cent in July 2026 from nearly 25 per cent a year earlier.
Yet, for many, these improvements remain abstract, as food inflation hovers above 20 per cent and household purchasing power is weak.
Disconnect Between Data and Daily Life
The gap between economic data and everyday life is growing. While the IMF has praised reforms for stabilising the economy, it also warns that poverty is still widespread, with over 27 million Nigerians facing food insecurity by late 2025. PwC and other analyses’ projections suggest the poverty rate could climb to 62 per cent in 2026, affecting about 141 million people. This shows that despite some macroeconomic progress, slow real income growth and high living costs will keep pushing more households into poverty.
This is why for many, the positive headlines haven’t made essentials like food, housing, transport, or healthcare any more affordable.
Election Choices and Main Contenders
Eighteen political parties are contesting the presidential race, but familiar names dominate: incumbent Bola Ahmed Tinubu (APC), former Vice President Atiku Abubakar (ADC), and former Anambra governor Peter Obi (NDC). Voters are expected to scrutinise each candidate’s plan for jobs, inflation, social safety nets, and security.
What Voters Want:
Entrepreneur Asoh Enoch wants fuel subsidies reinstated, arguing that the removal has not led to visible improvements in infrastructure or services, but has instead fueled hardship.
Legal practitioner Ibrahim Na’Allah is also calling for a return of subsidies across fuel, electricity, and education, saying his improved finances are due to personal progress, not government policy. He also points to the naira’s depreciation, with basic items like cars now three times as expensive.
For sole entrepreneur Joshua Mbeh Eteng, the focus must be on affordable food, fuel, and transport. He demands measurable, short-term plans from politicians, not vague promises.
Dzendesha Faith, a student and education worker, says unemployment and stagnant salaries have worsened living standards, and wants reforms that directly benefit citizens—employment, social services, and support for education.
Civil servant Kiki Egbor supports reform but wants policies that lighten the burden on the poor and working class. He aims for a salary that reliably covers basic living costs and allows for savings.
Insurance expert Ifeanyi George supports economic restructuring and greater resource control for states, linking insecurity and corruption to centralised fiscal power. He sees subsidy removal and tax reforms as necessary but wants more local autonomy.
Farmer James Oluwatosin Chukudi prioritises electricity and affordable agricultural inputs over macroeconomic debates, arguing that lower production costs would do more to help ordinary Nigerians.
For automobile dealer Olawole Joshua Tolulope, insecurity is the most critical issue, affecting agriculture, transport, jobs, and output. He wants improved security and a review of government spending on political officeholders.
Security, Cost of Living, and the Election Battleground
The connection between security and the economy is widely recognised. Just like the local respondents, the IMF argues that structural reforms in electricity, infrastructure, agriculture, and human capital must go hand-in-hand with improved security.
As the 2027 campaign intensifies, the government will tout improved GDP growth, lower inflation, and strengthened external buffers. But opposition parties will point to the continued struggles of households and the limited impact of reforms on daily life. The CBN’s tight monetary stance—reflected in a 26.5 per cent policy rate—underscores the authorities’ focus on monetary stability, but the question remains: when will these policies translate into real relief for citizens?
From Promises to Accountability
Increasingly, Nigerians are demanding clear, credible economic plans with measurable outcomes. They want specifics on how quickly food, transport, electricity, housing, jobs, and basic services will become affordable—and how politicians will be held accountable if targets are missed.
As one respondent, Asoh Enoch, put it: “If the current approach were working, the opposition wouldn’t have anything to campaign on.” The 2027 election may ultimately turn on whether voters believe the sacrifices made in recent years are starting to pay off—or whether it’s time for a different path.
