Nigeria's Economy Worst in 38 Years

Nigeria declared the current economic situation of Nigeria, worst since 1983, starting to investigate the "immediate and remote causes" of rising inflation and the cost of food items in the country.

The authorities set up a crisis meeting with critical stakeholders in the country to address the frightening rise in prices of goods.

Food prices drastically jumped in the country.

Rep. Ibrahim Isiaka (APC-Ogun) is drawing attention to the "urgent need to investigate the skyrocketing prices of commodities, goods and services across the nation with a view to cushioning the impact on the citizens".

"Unfortunately, this is still the lowest decline Nigeria's economy has experienced since 1983. What does this mean for the average Nigerian? Not too farfetched, because Life has become increasingly difficult for many Nigerians, especially the low-income earners, unemployed youth, other vulnerable people, those on fixed incomes such as the pensioners and others."

The lawmaker said that "the Prices of food items, Commodities, Goods and Services have skyrocketed by as much as 100 per cent in many parts of Nigeria in the last one year attributed largely caused by monetary policy, border closures, COVID-19 containment measures, and insecurity, causing Nigeria's inflation rate to rise geometric progression in August 2021."

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