An economist, Gospel Obele, has said that Nigeria’s inflation will likely get worse in the coming months as it recorded 21.09% in October, a rise from 20.77% last month.
Nigeria’s inflation rate jumped to a 17-year high of 21.09% in October 2022, representing a 0.32% point increase from 20.77% recorded last month, according to a National Bureau of Statistics (NBS) report released on Monday.
Obele, reacting to the latest inflation figure in an AriseTV interview monitored by DAILY POST on Tuesday, said the nation’s economic situation calls for an emergency solution.
He disclosed that the flooding in Nigeria, announcement of Naira redesign, forthcoming 2023 election are factors influencing the inflation figure.
Obele added that the federal government must consider an unstructured and collective approach to end the economic woes Nigerians are facing.
He says, “Supply will be further disrupted because farms, farmlands have been flooded in some parts of Nigeria, Christmas and elections are around the corner, Naira redesign will further reinforce inflation to perform worse into next quarter of 2023. There is the likelihood that there is going to be a further increase of the inflation rate.
“My concern is for the average Nigerian who is faced with an increased potential of a poverty trap and high cost of living crisis daily. I think Nigeria needs to act right now because we are in a state of emergency in terms of thinking through unstructured bases, not policy based solutions only. Policies will only pass the problem but won’t deal with the problem. We should look for a more collective approach to fixing the problem.”
