Abuja, May 16, 2023: The presidency says that the stubbornly high inflation in Nigeria is a world-wide problem and no nation is immune to it since the global economic downturn triggered by the COVID-19 pandemic.
Inflation was boosted everywhere by the COVID-19 lockdowns with severe impact on national economies due to the dislocation of manufacturing and supply chains.
A statement by Mr Garba Shehu, Senior Special Assistant to the President (Media & Publicity) on Tuesday said: “This is what led to fewer goods and the rises in prices of those goods reaching the market’’.
Considering that Nigeria relies heavily on imports for essential products like petroleum, cooking oils, fertilizers, crop chemicals, and others, international price fluctuations significantly impact local prices. The government, unless it chooses to disregard the principles of free trade, has limited manoeuvrability in this regard.
France, which enjoyed a stable average inflationary regime of 4.1 percent from 1960-2022 is today reporting price increases of up to 1,080.36%.
At 10.1 percent, UK inflation is at a 41-year high. Ghana’s inflation rate had hit a two-decades high of 54.1 percent before a recent decrease.
Turkey’s rate is 45 percent, Pakistan has also reported an alarming high inflation rate comparable to countries with similar profiles.
The war in Ukraine meant a rocketing in foodstuff prices leading to fear of famine in many countries, never mind inflation!
While Nigeria’s reported inflation rate of 22 percent is undoubtedly high and worrisome, it would be incorrect to suggest that the Buhari administration is not making efforts to address the volatile global cost of living crisis.
President Buhari has consistently prioritized efforts to control inflation and continues to do so.
