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THE Manufacturers Association of Nigeria (MAN) has described the recent 18.17 per cent inflation figure released by the Nigeria Bureau of Statistics (NBS), as worrisome and very unhealthy for the well-being of Nigerians and the nation’s economy.
While calling for proper management of the situation before getting out of hand, the Director-General of the association, Segun AjayiKadir, in a statement, argued that the present inflationary condition had begun to take its toll on the profitability of the nation’s manufacturing sector, and its competitiveness.
“Clearly, there is an urgent need for Government to intentionally ensure price stability before the situation becomes deplorable,” he stated.
18 17% inflation rate, not healthy for Nigerians, economy ― MAN
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Nigerian merchant Feyintola Bolaji, struggling with stagnant earnings and dwindling sales, is now being squeezed by the ever increasing prices demanded by her food suppliers, leading her to cut down on the amount she can put on her own family’s table.
Bolaji’s belt tightening is being shared by millions across Africa’s most populous nation. Not long after Nigeria’s statistics agency revealed that one in three people in the continent’s largest economy were unemployed, on Thursday it announced that food inflation has accelerated at the highest pace in 15 years, compounding the misery of many households.
“It is really bad, I can’t simply afford to give my children what they really need in terms of food,” said Bolaji, a mother of three in her 50s based in the southwestern city of Ibadan. “I try to make them get the nutrients they need as growing children, but it is not enough,” she said, adding “I have had to cut down on meat and fish.”