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Browsing: Inflation in Nigeria
Nigerian presidential contenders must confront persistent insecurity, chronic unemployment, and a deteriorating economic outlook. Bola Tinubu outlined his vision before the Nigeria elections in 2023 in an 80-page paper released by President Muhammadu Buhari at a lavish ceremony on October 21, 2022.…
Some have wondered whether Obi will manage to upset the status quo that has defined Nigerian politics since 1999. However, great support for Obi has been borne of the young generation’s apparent frustration with Nigeria’s political class.
More specific, many people view the presidential candidates from the two major political parties, APC and PDP, as representatives of status quo politics that have left Nigeria on the brink of economic shutdown.
In the run-up to Nigeria’s presidential elections in 2023, the electorate confronts the challenges of soaring inflation, a plummeting currency, and prevalent insecurity. Crude oil, Nigeria’s economic backbone, has seen its production slump to multi-decade lows. Moreover, the government has seen its debt service exceed the earned revenue in the first quarter of 2022.…
Nigeria, the largest economy in Africa, has seen its inflation quickened to nearly two years high in January as food shortages caused by border closures continued to drive up the price of staples, the Nigerian National Bureau of Statistics revealed.
According to information from Bloomberg, the statistician report revealed that: consumer price rose to 12.1 per cent from a year earlier, compared with 12 per cent in December, which marks the fifth month of increases.
However, there were several crucial aspects in relation to the scenario, as revealed by Bloomberg.
It was highlighted that the nation’s monetary policy committee’s ability to raise interest rates to contain inflation is hampered by slow economic growth.
In January a Nigerian economist and Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele raised the number of money banks to need to deposit at zero interest with the central bank to clear up …