( 3 minutes read)
· Nigerians are staring at a 4-year high inflation of more than 18 percent in March
· The most affected item due to the creeping inflation has been the food prices, which vaulted by 23 percent
· According to the Lagos Chamber of Commerce and Industry the problems that need tackling include high transportation costs, rising cost of energy and logistics
Nigerians are staring at a 4-year high inflation of more than 18 percent in March. The most affected item due to the creeping inflation has been the food prices, which vaulted by 23 percent. The price of a crate of eggs has almost doubled since January to 1,500 naira ($4) so is the case with several essential goods.
At the popular food markets, traders and customers are unhappy about the soaring prices. Unemployment is also rising phenomenally. The National Bureau of Statistics says that one –third of Nigeria’s workforce were unemployed at the end of 2020. Poverty and destitution are other challenges being posed by the most populous country and industrialized country in the continent. According to the World Poverty Clock’s recent reports Nigeria had 43 percent of its population or about 90 million people living below the poverty line of less than $1.90 per day.
Covid-19 coupled with fall in oil prices has had their impact in Nigeria. A weak Naira has added to the woes of the West African country. According to the Lagos Chamber of Commerce and Industry the problems that need tackling include high transportation costs, rising cost of energy and logistics.
Depreciating naira exchange rate, foreign exchange liquidity shortages, impact of climate change and worsening insecurity on farming communities are the other challenges being faced by the most industrialized country in the region.
