Africa’s largest economy, Nigeria, is in the process of introducing new banknotes for the first time in more than 20 years. The move is an attempt to reignite confidence in the currency, the naira, which is under severe pressure. With inflation at more than 20%, people are struggling to cope with the rising cost of living. It is leading to the largest exodus of young professionals in years.
“Imagine going to the grocery store one day, and everything has tripled in price? How do you even cope? You have a family at home. What do you cut out of the budget?” Oroma Cookey Gam tells me by Zoom, her face incredulous.
The fashion designer left Nigeria’s biggest city, Lagos, with her young family a year ago for the UK capital, London. Her husband and business partner Osione, an artist, was granted a Global Talent visa, which enables leaders in academia, arts and culture, as well as digital technology to work in the UK.
She says it had become too expensive to raise their young family in Lagos. “Our money was buying us less and less. We weren’t able to pay our bills, we weren’t able to do normal things that we were doing.”
Oroma studied law at the UK’s University of Northumbria and moved back to Nigeria almost 20 years ago, keen to use her degree to help develop her country. Along with Osione, she eventually set up This Is Us, a sustainable fashion and lifestyle brand that uses local materials and artisans, including cotton grown and dyed in northern Nigeria.
Important piece.
“Despite having one of the largest health workforces on the continent, Nigeria's skilled health workforce density is only 1.95/1,000 population, well below the recommended benchmark”.
On brain drain @MayeniJones https://t.co/O9banuAPIw
— Ashis Basu (@BasuAshis) January 31, 2023