Nigeria, known as the Giant of Africa, has faced many challenges as a country. The country’s economy is complicated, and the difference between the rich and the poor keeps growing, this situation is often described by the saying, “the rich get richer, and the poor get poorer.”
This financial pressure makes it harder for the middle class to afford even basic comforts and goals.
Also, strict government regulations on businesses make it difficult for them to grow and prosper.
Here are five things:
Quality Education
Education is the foundation of personal and national development, but accessing quality education is becoming a Herculean task for many middle-class families in Nigeria. High tuition fees for reputable schools mean that quality education is often reserved for the wealthy.
Many middle-class parents struggle or take on debt to afford a decent education for their children, hoping it will give them a better start in life than they had.
Healthcare Services
Quality healthcare is another critical area where the middle class feels significant pressure. The costs of medical treatment in private healthcare facilities that provide higher standards of care are exorbitant.
As government-funded medical facilities often lack adequate facilities or are overcrowded, middle-class families find themselves caught in a tough spot, having to choose between subpar care or expensive private treatments.
Home Ownership
Owning a home is a core component of the Nigerian dream, much like it is around the world. However, for the middle class, the soaring costs of real estate in secure and well-developed neighborhoods make this dream increasingly unattainable.
High interest rates on mortgages and the lump sum payments required to secure properties are beyond the reach of many, pushing the dream of home ownership further away each day.
Personal Transportation
With the sprawling urban landscapes in cities like Lagos and Abuja, having a personal vehicle is almost a necessity for managing the daily commute.
However, the rising costs of new vehicles and the high cost of maintaining older ones, compounded by the increasing prices of fuel, make owning and maintaining a car a draining expense for middle-class families.
Leisure and Travel
Leisure, travel, and vacations are often considered luxuries in Nigeria, especially for the middle class. With the high cost of living, saving up for a holiday can be a low priority.
The cost of travel and accommodation, both within and outside Nigeria, continues to climb, making leisure travel a rare indulgence for many.
