Inflation at 29.9% is alarming. MPR is supposed to bring down inflation with the increase of bank rates but that is not the case in Nigeria
Dr. Ismael Mohammed Anchau, Director of Policy and Transparency, Kaduna Polytechnic
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Nigeria is currently facing a unique economic situation that defies the traditional concept of stagflation. Stagflation typically refers to a period of high inflation combined with high unemployment, but in Nigeria’s case, both inflation and unemployment rates are soaring.
The country’s economy has been struggling in recent years due to a variety of factors including the global pandemic, falling oil prices, and political instability. As a result, inflation rates have been steadily rising, reaching a 15.75% increase in February 2021, according to the National Bureau of Statistics. This has led to a significant decrease in the purchasing power of the average Nigerian citizen, making it increasingly difficult for them to afford basic necessities.
At the same time, unemployment rates in Nigeria are also alarmingly high. The country’s unemployment rate stood at 33.3% in the fourth quarter of 2020, according to the National Bureau of Statistics. This means that a third of the Nigerian population is currently without a job, further exacerbating the economic challenges facing the country.
The combination of high inflation and high unemployment creates a dire situation for many Nigerians, as they are not only struggling to find work but also facing rising costs for goods and services. This has significant implications for the overall well-being of the country’s population, as individuals are finding it increasingly difficult to make ends meet.
In order to address these challenges, the Nigerian government will need to implement policies that stimulate economic growth, create jobs, and stabilize prices. This will require a multi-faceted approach that includes investing in infrastructure, improving the business environment, and supporting small and medium-sized enterprises.
Additionally, the government will need to prioritize social policies that protect the most vulnerable members of society, such as providing assistance to those who have lost their jobs or are struggling to afford basic necessities. By taking these steps, Nigeria can begin to navigate its way out of this economic crisis and create a more prosperous future for its citizens.
Overall, Nigeria’s current economic situation defies the traditional concept of stagflation, as both inflation and unemployment rates are high. Addressing these challenges will require bold and decisive action from the government, as well as a commitment to supporting the most vulnerable members of society. Only through concerted efforts can Nigeria begin to rebuild its economy and create a brighter future for its citizens.
And that I'd called an interview
Godforbid
The blame game thrives on self denial and incompetence.
APC has consistently played the blame game a signal of cluelessness.
He has the right things to d point I listened to, which is the problem with all the economic policies rn, some certain economic indices that are not in place at tht moment will continue to frustrate the efforts of the economic teams , it has to be full scale input by all facets of governt in other for us to flourish and attain our real potential , our problems are avenue for a right now thinking goverment to shine becos they have all they need to succeed and all the troubles now have solutions waiting to be utilized in the basket .
People like Shehu Sani and others had said that the problem started with the Buhari administration, that is true but destroying the Nigeria economy is an objective of the APC because in many occasion like during Buhari's book launch the current president told Buhari that he has done well, meaning it is deliberate. So, no one should excuse the current administration, their objective is destruction
Democracy is not for Africa. Black people can’t manage themselves because the power of vested interest is stronger than the will to succeed as a people.
Where were these professors and economists when Peter Obi was talking about productivity during the electioneering campaigns?
Peter Obi was the only candidate who wanted to invest in productivity, but they were all quiet, and their voices were never heard, but now they are talking about the importance of productivity as if it was their novel idea.
I thought Nigeria was bad when i left twenty years ago…..i guess i did not know what bad Nigeria would really look like.
garbage garbage garbage!
Binance is banned in most advanced nations, Us, Japan, China, Uk because it's a money laundering machine. So, it's a HUGE problem for a corrupt nation like Nigeria.
Binance is a money looting machine used by our evil officials to loot the present and future of Nigerians away. Now we the masses are paying back. Ban Binance, get our money back and invest it to crash dollar against Naira.
The 26 billion dollars Politicians stole through Binance last year is more than Dangote's wealth. When you loot money out of an economy it crashes their currency's value and the masses pay the debt for the money you stole.
Whoops!! Nigeria problems have defied economic concepts of stagflation. Right! This shows we are extraordinary people with weird economic challenges and must be thinking inwardly. Nigeria must stop copying from outside because she has no basic economic foundation and discipline that can match those in the Western world and China , etc
This man lacks any credibility. He failed to add how corrupt Buhari's administration was. I understand sha..na north him dey live.
This Man is not honest why bring crypto into national television, why not focus on those criminals in the Government that destroying the value of the naira? You want to use crypto to cover all the nonsense the Nigerian politicians are doing to the naira.
Binars is not illegal, and it not Nigeria problem, our problem is because we are not producing, and government large wasteful speeding, large government consumption without doing nothing. reduce government size and produce, that we solve our problem..