The cost of goods in Nigeria rose to a record high in 2016, following the persistent increase in prices of goods across the nation.

The consumer price index, which measures inflation rate surged from 9.62 percent in January to about 92 percent in November.

While the CPI figures for December would be released in January 2017, it is projected by experts to remain within 18 percent.

However, the federal government during its National Economic Recovery Growth Plan (NERGP) said it was targeting a growth rate of about 7 percent between 2017 and 2020. This, experts believed will moderate inflation rate accordingly and boost consumer spending.

Speaking on the matter, prof. Akpan Ekpo, the Director General of the West African Institute for Financial and Economic Management said the government need to embark on structural economic reform to negate some of the challenges facing the nation.

“Our economy only consumes, we do not produce anything that brings foreign exchange. So, what you do is that you direct policies that would encourage people to encourage and manufacture, no matter how little, something that would add value, before you export. What we need now are structural policies. What we have seen is that the central bank has been doing a lot of what it ought not to be doing. The central bank is pushing out a lot of intervention funds. A lot of times, their intervention funds have fiscal coloration. And that is not supposed to be their business.

“So for me, recessions are recurrent in the market system. It comes and goes, but it gives you an opportunity to make sure that you manage the economy properly. No two recessions are alike. Also, they need experts to help them manage the economy. It is not a tea party.

“They need technocrats to advise them. And in our system, no government has a long-run luxury. Every government has four years, so they have to move fast. My worry for Nigeria is more than the economic recession. Let me ask you as question. If for example, the next quarter Gross Domestic Product (GDP) growth becomes positive marginally, that means the economy may be out of recession. But has the problem of unemployment been solved? Has that solved the problem of inflation? Has that solved the poverty problem? It has not! So, we need to carry out long-term structural reforms and be serious about what we are doing,” Ekpo stressed.

http://investorsking.com/consumer-prices-nigeria-rise-92-2016/

These people keep making me laugh. Buhari has nothing but more hardship to offer nigerians. The man buhari is a destroyer, not a builder

by 2017 it will grow worse.sai baba

All we need in Nigeria right now is for government to work on our Power sector. Power remains the key to industrialisation.


2019 where art thou?




#Atiku2019

To survive 2017 Nigeria needs the right Economy Team. 2016 ll be remembered as one hell of a year.

samincredible44:
by 2017 it will grow worse.sai baba

2017 is going to be the year of apocalypse if the dullard remains on that seat. There is going to be a devine intervention otherwise I see great trouble.

The scale they use must be faulty to arrive at a 92% increase.

For example, a 20 litre jar of palm oil was N6k in 2015 but rose to N16k presently.

A bag of rice was about 9k but now sold for 23k.

This is the Messiah Zombified Afonjas voted for

Desperate time calls for desperate measures. It looks like Buhari is not even aware that we are in a turbulent time hence know drastic action to salvage the economy. So unfortunate.

Please o, what scale or parameter did they use to arrive at that 92%? Because the consumer goods prices we're talking about here increased by more than 150%.

For example

Rice was sold for 9k before but now above 16k.

Spaghetti was between #100 and #110 but now #270.
Palm oil was 7k before but now almost 20k (25 litres keg).

Kings vegetable oil of 5litres was #1200 before but now #3000.

A rubber of sugar was #300 before but now #800.

Even garri price increased by more than 100%


And so on......


Honestly, it has never been this bad
I just wish 2017 will be better, but I'm afraid.

I will sit here

ItzHoludex:
DAT will definately be bfr d recession

2017 better, I hear them

... survival of the fittest.

Thanks to Buhari and his band of Sai Barbarians.


Anyway as for me and my family and all Nigerians of goodwill our cases shall be different.

Lo n behold, sarrki, aufbauh, madridguy, hungerbad, dropshot n mrvitalis r all missing in dis thread. Come n do ur paid job oo

A round of applause for Buhari and his team please...

Soon the paid trolls of Apc will arrive to spew their ignorant trash on how their god, buhari is so wise and perfect.

The height of zombie-ism displayed by the likes of sarki is nauseating

nice move by buhari

What do you expect when you have clowns and jesters running the affairs of a nation ?

Wetin be 92% Come.. Make this poster enter market again... Good Rose to 100% no more no less....

Atiku and Obi ticket will make sense

greatgod2012:
Please o, what scale or parameter did they use to arrive at that 92%? Because the consumer goods prices we're talking about here increased by more than 150%.

For example

Rice was sold for 9k before but now above 16k.

Spaghetti was between #100 and #110 but now #270.
Palm oil was 7k before but now almost 20k (25 litres keg).


Kings vegetable oil of 5litres was #1200 before but now #3000.

A rubber of sugar was #300 before but now #800.

Even garri price increased by more than 100%


And so on......


Honestly, it has never been this bad
I just wish 2017 will be better, but I'm afraid.

Do not panic.

Luke 21:25
25 And there shall be signs in the sun, and in the moon, and in the stars; and upon the earth distress of nations, with perplexity; the sea and the waves roaring;

Nigeria's economic troubles is a sign of end times and the coming of Jesus.

Jesus will come on or before the 20th of January 2017. Please let us all be sober and watchful

This is what you get for putting a dullard at the helm of affairs.
Wetin concern me sef?

See as low battery take fall my hand and I no fit comment on time
Mr Buhari wetin I do you nau?
No light but bill dey come regularly
Choi

i know that already


u want me to kill myself?

kenbee:
Atiku and Obi ticket will make sense

All this useless atiku-bots.

That's how they started with buhari propaganda till they got us where we are now

Atiku was there before and he only enriched himself. We dont need trial and error again