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Experts proffer solutions to Nigeria’s high inflation

Tackling terrorism and other criminalities across the country as well as energy problems will improve the cost of living in the country.

Some experts in economy stated this to Radio Nigeria on Tuesday while commenting on the July figures by the National Bureau of Statistics, NBS.

This followed the Consumer Price Index showing that inflation rose by over 19% in July. CPI measures the overall change in consumer prices based on a representative basket of goods and services over time.

Latest data

This was 1.04% higher than the 18.60% recorded in June and 2.27% higher when compared with July, 2021, which was 17.38 %.

According to the NBS, urban inflation rose to 20.09% and rural inflation was put at 19.22%.

Food inflation was 22.02%, the highest of all the components used in calculating the rate.

The data indicated that the rise was fuelled by increases in the price of bread, cereals, potato, yam and other tubers; as well as meat, fish and oil.

Insecurity has caused inflation

A former Director in the National Bureau of Statistics, Dr. Boniface Amobi said prices of food were being affected by the inability of the farmers to return to the farms.

‘’It is already a public knowledge that everything is tending towards that. In every discuss insurgency affecting production, still no electricity to support production and activities of politicians also making things worse. Prices are increasing every day. So many things including fuel and transport all negatively affecting prices’’

Dr. Amobi who expressed worry that these issues might not be immediately tackled because of the 2023 general elections, appealed to the federal Governments to muster the political will to tackle the problems head-on to enable farmers have access to their farms in coming months.

Also, A Political Economist, Mr. Adefolarin Olamilekan maintained that government could solve the inflation problem by employing the right economic structure in areas such as power supply and energy.  

”How can we refine our crude oil product so that we can reduce the pressure on importation, especially on PMS, Diesel and kerosene”

He pointed out that activities of middlemen also affects the prices of food items, adding that in developed country food price was controlled by the Government and wondered why it could not be replicated in Nigeria. 

A resident of the Federal Capital Territory, Miss Wendy Nweke urged the government to do all it could to address the inflation rate as it could lead to more crime in the society.

”Imagine I earn N30, 000 monthly, I will feed, I will pay bills and other things I need in my life. am praying to God that one day we will come out of this”

Another resident, Mr. Stephen Adebayo says the federal government needs to open the border to create a free atmosphere for trade.

Writing by Annabel Nwachukwu, Editing by Daniel Adejo