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Inflation’s Sending More Nigerians Into Poverty

Inflation Rate

It is no longer news that Nigeria inflation rose to 15:78 per cent in December, the highest in 34 months.

But worthy to note is that the standard of living of the ordinary Nigerian which has been depreciating in the last five years peaked at over 50 per cent of 2015 standards.

Coming out from the 2016 recession, economic growth  fragile until the outbreak of the coronavirus pandemic whose negative effect on the economy was worsened by insecurity along the food producing areas of the country and the #EndSARS protests that rocked the country in October.

It is further predicted that the inflation would not only remain at two digits but could hit 20 per cent in Q1 2021.

The International Monetary Fund (IMF) said this can only be reversed if the Federal Government reviews the monetary policy and floats the currency. However, Prof Sera Olanrewaju Anyanwa, Head of Department of Economics, University of Abuja; said in order to end the crushing poverty the Nigerian masses has fallen into will entail improving the country’s economic productivity and opportunities for its citizens.

“This will mean investing in human capital potential and creating jobs for women and young people, increasing financial access and opportunities to these groups in rural communities, and advancing technological innovation,’ she said.

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