The World Bank’s June 2021 77-page Nigeria Development Update instructs in particular federal economic policy formulators and implementors that “rising prices alone – even without incorporating the direct impact of COVID-19 on welfare – pushed an estimated seven million Nigerians below the poverty line in 2020.” The corollary is focus by the apex bank on attainment of the principal object which mandates it to “ensure monetary and price stability” that alone would have brought about the desirable outcome of successfully keeping seven million Nigerians (who were on or near the border line) from slipping into extreme poverty in 2020. x
It should be quickly pointed out that apart from the attribution solely to inflation of the specific numerical size of affected Nigerians, the 2021 NDU report is actually the umpteenth verdict that the underlying heterodox fiscal and monetary preferences by successive federal administrations have been co
SPECIAL REPORT: How prices of rice, other cereals in Nigeria doubled in one year
The rates of widely eaten cereals and legumes rose by a average of 98 per cent in the last one year. 8 min read
The prices of major legumes and cereals in Nigeria rose at an average of about 98.85 and 99.9 per cents respectively in the last one year, a PREMIUM TIMES market survey has shown.
The prices of staples such as rice, beans, groundnut, soybeans, maize, sorghum, and millet were surveyed across some major markets located in different regions of the country. The prices of grains such as rice, maize, sorghum, and millet have risen by 44.4 and 117 per cents respectively.
Prices of basic necessities including drugs, food, automobiles, spare parts and raw materials for industries have continued to rise with attendant negative effects on the purchasing power of the citizens.
The Brent crude is currently trading at $75.62 per barrel, a feat experts said should bring succour to Nigeria’s economy.
They believe that the naira would continue to suffer until Nigeria becomes self-reliant and net exporter and radically resuscitates the oil sector for the refineries to work efficiently.
According to them, the increase in oil prices had not directly translated to improve income for the ordinary people even as importers have to cough out a lot of naira to get the dollar and other foreign currencies in order to import goods.
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Punch Editorial Board Published 22 June 2021A new report by the World Bank highlighting how persistently high inflation, unemployment and insecurity are slowing down reforms and recovery has punctured claims to economic success by the Nigerian government. In its latest Nigeria Development Update, the global lender noted that rising consumer prices hit households hard in 2020, pushing seven million more persons into poverty, exacerbating the.