Latest figures from Trading Economics place Nigeria’s annual inflation rate at 16.63%, as of September 2021. 

The rapid depreciation of the Naira is negatively affecting small businesses, many of which operate in Nigeria’s informal economy, which mainly comprises women. 

Speaking to Al Jazeera, Esther George, a roadside cook in Lagos, reported falling into a deficit this year, as a result of dwindling profit margins and rising prices of basic supplies.

“Before [the pandemic], we used to buy one derica [a local measurement named after a brand of tomatoes ] of beans for 300 naira ($0.73). Now we are buying it for 600 ($1.50). The price of two is now the price of one”, George says.

She continues, “What you are buying for 500 naira ($1.20) before, tomorrow it will be 550 ($1.34), the day after that it will be 600 naira and so on.” 

Before the COVID-19 pandemic, the mother of three was able to make a monthly profit of 10,000 to 15,000 naira (around £18 to £27). Now, she’s racking up monthly deficits of 30,000 to 40,000 naira (around £54 to £72).

George represents a whole class of business owners in the Global South, who have faced the brunt of a pandemic-induced decline. 

In 2020, Nigeria’s economy shrank by a record 1.8%, the largest fall since 1983. 

The UN also reports a decade-high in global food prices, according to October 2021’s figures.

While George recognises the pitfalls of her situation, she feels powerless to change it, telling Al Jazeera, “I did not stop the business because where is the alternative? There is nothing I can do.”