The Nigerian middle class is shrinking rapidly, according to presidential candidate Donald Duke of the Peoples Redemption Party. He linked the decline to a worsening economic crisis, citing rising unemployment and inflation as key factors.
Duke highlighted the growing disparity between the wealthy and the poor, noting that fewer people now fall into the middle-income bracket. He warned that the situation threatens social stability and economic growth.
This trend follows years of economic instability, including currency devaluation, high interest rates, and limited job creation. The Nigerian Naira has lost significant value against the dollar, reducing purchasing power. Meanwhile, public services remain underfunded, exacerbating the crisis.
The economic downturn has roots in structural weaknesses, including reliance on oil exports and weak infrastructure. Despite some recent reforms, growth has remained sluggish. The middle class, once a pillar of economic development, is now seen as a casualty of systemic challenges.
The situation reflects broader regional trends, with many African nations struggling with similar issues. Nigeria’s case, however, is particularly acute due to its large population and high poverty rates. The government faces mounting pressure to address the crisis before it deepens further.
