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.
Re: Inflation in Nigeria in that last 6 years under APC and their appointed public officials.— $Princewill (@ThePakuma) September 30, 2021
Almost 200% increase in price for some pasta brands.
Saw this in the market, their solution for people to feed; an example thatmany people live below ₦500/day.
Clueless bunch! pic.twitter.com/ddoGlcdB5H
Food prices drastically jumped in the country.
A quick glance of inflation in Nigeria for the First Quarter of the year 2020, broken down into Food, All Items and Core inflation. #dtianalytics #inflation#EconomicSurvey2020 #Nigeria@cenbank— DTI (@dtiGlobal) September 30, 2021
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".
The U.S prints money and gives it to the banks to lend out. Nigeria prints money and gives it to illiterate farmers and unemployed young people. And Nigeria is so surprised when inflation rises. You put that money directly into the retail market with no checks or balances.— Mark Essien (@markessien) September 29, 2021
"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."
Muhammadu Buhari has entered the Guinness World Records as the regime that flopped the most, globally speaking and its keeps flopping. In six years Muhammadu Buhari succeeded in making Nigeria the poverty capital of the world, one of the most terrorized #BuhariMustGo pic.twitter.com/5iW27rHPtj— Omoyele Sowore (@YeleSowore) September 23, 2021
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."