Four weeks after the economy exited recession and Nigerians looked forward to a rebound going into the second quarter of the year, it was an anti-climax yesterday, with latest economic indices, which showed citizens will face tougher times as the fast-rising debt, inflation and employment figures galloped, raising fears of a more challenging future.
At a glance, Nigeria’s economic outlook looks red: Inflation gallops to 17.33 per cent, highest level since March 2017; foreign trade deficit sunk to N7.37 trillion, lowest since 2016; unemployment rose to 33.3 per cent, third highest in the world; and external reserves falling to its lowest in 10 months at $34.74 billion with a decline of $632.9 million.
The headline inflation has stoked multiple socio-economic crises, the highest in four years, year-on-year (YoY) in February. Inflation had not reached this rate since February 2017 when it was 17.78 per cent.
Beyond the statistics, the inflation pattern and distribution is worrisome, economists have said, pointing at the food inflation, which jumped to 21.79 per cent in the data released by the National Bureau of Statistics (NBS) yesterday.
For the second time back-to-back, YoY food inflation has outgrown the rate at any other period since 2009. In January, food inflation was 20.57 per cent. The next worse month was September 2017 when the inflation rate was 20.32 per cent, a situation many economists, including Prof. Ken Ife, a consultant to the Economic Community of West African States (ECOWAS) and the World Bank, said does not bode well for efforts to close income inequality.

Our country must effectively respond to the current difficulties by developing the economy, expanding employment, and preventing the spread of the epidemic. At the same time, we call on developed countries to provide necessary assistance.

Sad

Gray123:
Four weeks after the economy exited recession and Nigerians looked forward to a rebound going into the second quarter of the year, it was an anti-climax yesterday, with latest economic indices, which showed citizens will face tougher times as the fast-rising debt, inflation and employment figures galloped, raising fears of a more challenging future.
At a glance, Nigeria’s economic outlook looks red: Inflation gallops to 17.33 per cent, highest level since March 2017; foreign trade deficit sunk to N7.37 trillion, lowest since 2016; unemployment rose to 33.3 per cent, third highest in the world; and external reserves falling to its lowest in 10 months at $34.74 billion with a decline of $632.9 million.
The headline inflation has stoked multiple socio-economic crises here, the highest in four years, year-on-year (YoY) in February. Inflation had not reached this rate since February 2017 when it was 17.78 per cent.
Beyond the statistics, the inflation pattern and distribution is worrisome, economists have said, pointing at the food inflation, which jumped to 21.79 per cent in the data released by the National Bureau of Statistics (NBS) yesterday.
For the second time back-to-back, YoY food inflation has outgrown the rate at any other period since 2009. In January, food inflation was 20.57 per cent. The next worse month was September 2017 when the inflation rate was 20.32 per cent, a situation many economists, including Prof. Ken Ife, a consultant to the Economic Community of West African States (ECOWAS) and the World Bank, said does not bode well for efforts to close income inequality.

Our country must effectively respond to the current difficulties by developing the economy, expanding employment, and preventing the spread of the epidemic. At the same time, we call on developed countries to provide necessary assistance.

Yes. It's sad that this is true.