The three months of rising inflation in 2023, with the recent figure standing at 22.04 per cent, has put pain, frustration and agony in the faces of
DAILY POST reports that like a drowning person, Nigerians are overwhelmed by the rising food prices and the cost of goods and services. It is now a commonly accepted reality that there is no time one visits the market without an increase in the prices of goods and services.
This means that prices of goods and services have increased more than 160 per cent over the eight years of Buhari’s administration. Although the Governor of the Central Bank of Nigeria, Godwin Emefiele, speaking in the ongoing World Bank/International Monetary Fund Spring Meeting taking place in Washington, had said that CBN would not relent in efforts to fix inflation and stabilize the country’s banking sector, Nigerians and some experts have ran out of patience.
He explained that Nigeria, especially the incoming government, must look inward and be self-sufficient in food production, supply and energy production to undo the ugly trend of rising inflation.He stressed that though inflation is inevitable, the country must not make it an incurable cankerworm. “We are an import-dependent country on necessities and even luxury items. When you look at the exchange rate against the dollar, you will see that the Naira has been under severe pressure for some time now.
“Meanwhile, monetary policies have a circle because they are market-driven, not through executive fiat, so when Cash Ratio, Monetary Policy Rate, and Liquidity ratio are adjusted to fight inflation, you don’t see the impact immediately. There is a Transmission mechanism, so it must take months for the result to be felt.
“The problem with inflation is that we need a long-term objective to fight the short-time problem. What can be done to improve food supply to our agriculture sector, the iron and steel industry to supply spare parts, medical services, and education? All these affect our foreign exchange reserves; this is what the world bank and International Monetary Fund look at. If we can do things on our own to conserve spending on importation to align with the slogan, lLet’s produce what we use’.
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