Despite the recent stabilisation of the naira and its steady appreciation against the U.S. dollar, many Nigerians say they are yet to feel any meaningful relief in their living standards. Johnson Chukwu, Chief Executive Officer of Cowry Asset Management Limited, has provided a sharp economic perspective on why the perceived gains have not translated into improved welfare for the average citizen.
Speaking on ARISE News, Chukwu explained that while the naira’s rise below the ₦1,500 mark signals macroeconomic stability, real economic well-being depends on whether household income grows faster than inflation.
“The idea that your standard of living will improve as the economy improves is based on the condition that your income must also increase. Specifically, your income level must increase at a rate faster than the rate of price increases,” Chukwu stated.
He emphasised that for Nigerians to genuinely experience the benefits of a strengthening economy, wage growth and job creation must accompany macroeconomic progress. Without such measures, inflation continues to erode disposable income, deepening poverty levels even amid GDP growth.
Chukwu’s remarks have sparked widespread reactions across social media, especially on X (formerly Twitter), where citizens voiced frustration over stagnant wages and rising living costs.
User @GoodGovAdvocate praised the analysis, writing:
“Perfect analysis from Johnson Chukwu. Until income surpasses inflation rate, no improvement in the economy will show.”
Another commenter, @ilearnt_that, echoed the sentiment, adding:
“Naira gains don’t put food on the table if salaries stay frozen. GDP growth means nothing if inflation eats every extra naira you earn. Nigerians are surviving, not thriving!”
Critics, however, accused economic analysts of leaning toward sensationalism. A user under the handle @cashbornma argued that professionals must base their opinions strictly on data and not political narratives.
Nonetheless, Chukwu’s statement has reignited debate about Nigeria’s true economic recovery. While the Central Bank’s policies and government reforms aim to strengthen the currency and attract foreign investment, economists warn that these macro wins may remain hollow unless they reflect in household income, job creation, and price stability.
With inflation hovering near double digits and food prices still on the rise, many Nigerians are demanding policies that translate foreign exchange stability into real, measurable relief at the household level.
Cowry Asset CEO Johnson Chukwu says Nigerians won’t feel the impact of naira stabilisation until income growth outpaces inflation. Experts warn that without wage reforms, rising GDP figures will not improve living standards.
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