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"There's a particular brand of food I used to use. It was just about 30,000 naira then. That same brand of dog food is 165,000 naira," he told the BBC.

Just three years ago, the exchange rate of the local currency was 500 naira to £1; now it stands at 2,200 naira.

As the naira plunged and pump prices increased several times, the government, aware of the potential danger of protests, continued to pipette some medicine to the masses.

Meanwhile the naira, Nigeria’s currency, has depreciated by more than 400% against the US dollar, further worsening the economic hardships.

The sharp fall in the value of the naira has significantly affected Mr Dangote, whose wealth is largely tied to assets denominated in the local currency.