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Nairaland Forum / Nairaland / General / Business / Nigeria’s Inflation Rate Rises To 12.82% In July, As Food Prices Surge (10160 Views)
Nigeria’s Inflation Rate Rises Further To 21.91% In February 2023 / Inflation Soars To 21.82% Amid Naira Redesign / Nigeria Inflation rate Drops To 15.99% In October - as food prices ease (2) (3) (4)
Re: Nigeria’s Inflation Rate Rises To 12.82% In July, As Food Prices Surge by Cousin9999: 5:27pm On Aug 17, 2020 |
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Re: Nigeria’s Inflation Rate Rises To 12.82% In July, As Food Prices Surge by madridsta007(m): 5:31pm On Aug 17, 2020 |
NkemChukwudi: You hate Nigerians sha ![]() ![]() ![]() ![]() You want to set them up with Fulani herdsmen terrorists ![]() |
Re: Nigeria’s Inflation Rate Rises To 12.82% In July, As Food Prices Surge by jonnypie(m): 5:50pm On Aug 17, 2020 |
Thank God I don't have my savings in naira or in the bank... |
Re: Nigeria’s Inflation Rate Rises To 12.82% In July, As Food Prices Surge by B2B5000: 5:58pm On Aug 17, 2020 |
This is the change that APC supporters voted for. They should embrace it. If you voted for APC and suffering under this government you deserve no pity. 1 Like 1 Share |
Re: Nigeria’s Inflation Rate Rises To 12.82% In July, As Food Prices Surge by NkemChukwudi: 6:16pm On Aug 17, 2020 |
madridsta007: Hunger KEE them all. They are in major cities and towns getting useless, dependent and work-shy women pregnant. Once again hunger KEE all of them!!!! |
Re: Nigeria’s Inflation Rate Rises To 12.82% In July, As Food Prices Surge by tonididdy(m): 6:21pm On Aug 17, 2020 |
A bag of garri in June 2019 was 6000 from previous 5000, Now it's 13000N....13000N. 1 Like |
Re: Nigeria’s Inflation Rate Rises To 12.82% In July, As Food Prices Surge by donprinyo(m): 6:22pm On Aug 17, 2020 |
I thank God I don't depend on dis failure government |
Re: Nigeria’s Inflation Rate Rises To 12.82% In July, As Food Prices Surge by NkemChukwudi: 6:23pm On Aug 17, 2020 |
tonididdy: Because 200m stupid people refuse to produce enough garri to eat! Look mr man our people are stupid and lazy! Nobody is on the farms!!!! This is not a matter of APC or PDP or the government! 1 Like |
Re: Nigeria’s Inflation Rate Rises To 12.82% In July, As Food Prices Surge by NkemChukwudi: 6:25pm On Aug 17, 2020 |
Meedon: Ipob kee you there!!! |
Re: Nigeria’s Inflation Rate Rises To 12.82% In July, As Food Prices Surge by onlyfacts: 6:47pm On Aug 17, 2020 |
NkemChukwudi: I have read your statement about Nigerians going to the farm. Mind you Nigeria has a lot of sectors from finance, telecommunications, power, education, petroleum, health etc while the agricultural sector is just one of the many. Everyone in Nigeria cannot be farmers, in fact the majority of the population cannot be farmers, not even 50 percent of Nigeria's population can be farmers because all other sectors must be engaged for the proper workings of things. Another reason is that excess food production is a problem. Demand and supply tells you that the more a product like orange for example is readily available the cheaper it becomes. That's good for the citizens but bad for farmers in general as farming will no longer be profitable, this is because they will need to produce and sell so many oranges to make a decent return! So following economics, the more supply is available demand will drop, which translate to less profit for farmers. To off set excess agricultural produce export of the oranges will be needed to realize profit. In their raw form agricultural goods quickly perish, so they have to be processed first or transported in cold fridge adding more cost to the low end goods. And in a case where the global supply chain for goods is broken like as we have with covid19 it means all those goods will never be transported but perish, which is lost revenue for farmers. So optimal production of agricultural produce is the point and not excess which will happen if 20 million (which is the population of Lagos) or more people go into commercial farming which will in turn reduce the profit yield they get unless through export. But under-production of agricultural goods is also a problem. These are partly do to insecurities in the northern regions where agricultural goods are produced, bad government policies that doesn't encourage investment into the agricultural sector, lack of arable farm lands for agriculture in the north, lack of proper artificial irrigation in dry season, high cost of fertilizers, inadequate storage facilities, lack of proper transport of agricultural goods to preserve their freshness etc. In Nigeria we have optimal production of agricultural goods in most cases, except for maybe a few like rice production. The major problem with our agricultural produce in Nigeria is the devaluation of the naira. As such even with abundant food it doesn't get to our tables. With the devaluation of the naira, this causes reduced power of purchase, which makes these agricultural goods unaffordable to most Nigerians. |
Re: Nigeria’s Inflation Rate Rises To 12.82% In July, As Food Prices Surge by CyberEBOLA(m): 6:52pm On Aug 17, 2020 |
NkemChukwudi:HOPE YOU ARE ON THE FARM? OR YOU ARE ALSO AMONG THE 200M STUPID PEOPLE? 1 Like |
Re: Nigeria’s Inflation Rate Rises To 12.82% In July, As Food Prices Surge by Angelfrost(m): 6:54pm On Aug 17, 2020 |
NkemChukwudi: Okay... Please, keep voting the wrong people!!! No issues!!! Just have the decency to leave God out of it!!! Thank you. |
Re: Nigeria’s Inflation Rate Rises To 12.82% In July, As Food Prices Surge by NkemChukwudi: 7:08pm On Aug 17, 2020 |
onlyfacts: 1. Go back to the farm does not mean 20m people, it means a sizeable number of people like 4 -5million 2. Please give us 3 examples of bad government policies impeding agriculture in Nigeria 3. 200m mouths in Nigeria alone will absorb any excess food production and remember we are surrounded by land borders 4. We can force the government to subside and/or mop up excess food production. We have to develop that capacity first through mechanised or alternative farming (including pure manpower labour) 5. Devaluation should only affect imported food or imported components or imported machines etc. It should not affect the cost of local food production. 6. If Nigerian people choose to live in the metropolis then they should be prepared to pay a high price for locally produced food. 7. Over time specialisation and efficiency will connive to eliminate waste, get the food to where it is needed most and cheap enough to profit the producers and the consumers (with government facilitation in between) 8. The above not achievable without the commitment of Nigerians 9. Correct any errors made above |
Re: Nigeria’s Inflation Rate Rises To 12.82% In July, As Food Prices Surge by NkemChukwudi: 7:09pm On Aug 17, 2020 |
Angelfrost: Oga, just show me the ‘right people’ in this broken society.....please |
Re: Nigeria’s Inflation Rate Rises To 12.82% In July, As Food Prices Surge by Damseldammie(f): 7:45pm On Aug 17, 2020 |
Despites their album titled "change", the sang to our hearing few years back, imagine the kind of track its consists.... * corruption * mass killing in kaduna * inflation of good & service * Boko Haram * fulani herdsmen * kidnapping * poor health services.... To mention but few. Abba Father, look down from heaven & have mercy upon Your children & cause Your face to shine perpetually upon us & heal our land. |
Re: Nigeria’s Inflation Rate Rises To 12.82% In July, As Food Prices Surge by Cholison(m): 7:59pm On Aug 17, 2020 |
I am sure Buhari is not aware of this at all. |
Re: Nigeria’s Inflation Rate Rises To 12.82% In July, As Food Prices Surge by Meedon: 8:02pm On Aug 17, 2020 |
Re: Nigeria’s Inflation Rate Rises To 12.82% In July, As Food Prices Surge by onlyfacts: 8:17pm On Aug 17, 2020 |
NkemChukwudi: 1. I agree with you with your point 1. You mentioned Lagos State which has a population of about 20 million people and that was why I objected. 2. What are government doing about insecurities in the north, farmers are no longer in farms. What are doing about artificial irrigation during the dry season, or storage facilities etc. Are their policies for export friendly to Nigerian farmers. 3. Go to the markets and check if no foods, there are but the problem is how much can you afford to buy? So high cost of foods is the major problem due to inflation 4. High cost of governance is a problem in Nigeria. The government is subsidizing a lot of sectors. Education, petroleum, health, can they still subsidize the agricultural sector? Maybe if they generated more revenue from other sectors. 5. Devaluation affects everything. Locally or International. A farmer will buy car, build house and send kids to school. If his job can't give him those things because of its low profit then it's not worth it. 6. That's the price for industrialization. It applies every where in the world. 7. For it to be sustainable market forces like demand and supply has to be at equilibrium. Government subsidizing the economy won't make it self sustaining. 8. I agree with this. |
Re: Nigeria’s Inflation Rate Rises To 12.82% In July, As Food Prices Surge by History555: 8:22pm On Aug 17, 2020 |
Inflation is 12.6%. Meanwhile tb is 3.4%, govt 6yr, 12yr, 25yr bond is 12%, saving bond is 4.3%, interest on savings and fixed deposits are 3% and 1% respectively. Naira is finished. |
Re: Nigeria’s Inflation Rate Rises To 12.82% In July, As Food Prices Surge by History555: 8:26pm On Aug 17, 2020 |
NkemChukwudi: So all the farmers in rural area are part of this 200m stupid people. Oga pls go and watch teletubbies |
Re: Nigeria’s Inflation Rate Rises To 12.82% In July, As Food Prices Surge by OluwasureGig: 8:47pm On Aug 17, 2020 |
Reference:can you teach me how to start a savings account in foreign exchange |
Re: Nigeria’s Inflation Rate Rises To 12.82% In July, As Food Prices Surge by bejeria101(m): 10:28pm On Aug 17, 2020 |
And the naira is equal to the dollar. Awon oponu zombies |
Re: Nigeria’s Inflation Rate Rises To 12.82% In July, As Food Prices Surge by chukasson(m): 11:03pm On Aug 17, 2020 |
there is hunger in the land.....people are dying from hunger, not covid |
Re: Nigeria’s Inflation Rate Rises To 12.82% In July, As Food Prices Surge by Nobody: 11:04am On Aug 18, 2020 |
May God help us |
Re: Nigeria’s Inflation Rate Rises To 12.82% In July, As Food Prices Surge by Sergioaguero: 4:13pm On Aug 29, 2020 |
hkidola00: Yes you will be told |
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