Financial Derivatives CEO breaks down Nigeria’s unemployment, inflation numbers
Data from the National Bureau of Statistics shows a jump in headline inflation to 17.33 per cent in February this year from 16.47 per cent in January.
Tue, 16 Mar 2021 12:01:17 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- The alarming rise in inflation to 17.33 percent and unemployment to 33.3 percent poses a significant challenge for policymakers in Nigeria.
- The interconnected factors contributing to the economic crisis include food price inflation, supply chain disruptions, and excessive government borrowing.
- The need for urgent policy interventions to address rising inflation and unemployment and prevent the country from sliding further into economic turmoil.
Data from the National Bureau of Statistics has revealed startling figures for Nigeria, with inflation soaring to 17.33 percent and unemployment escalating to 33.3 percent. Bismarck Rewane, the CEO of Financial Derivatives, shed light on the implications of these statistics and offered insights into the options available for policymakers in the country. Rewane highlighted the challenges posed by high inflation rates and the need to prioritize tackling inflation before addressing other economic issues. He pointed out the interconnectedness of various factors such as food prices, supply chain disruptions, and government borrowing, which have contributed to the current economic predicament in Nigeria. The looming crisis of rising inflation coupled with soaring unemployment rates paints a grim picture for the country's economic outlook. Rewane emphasized the urgency of policy interventions to alleviate the hardships faced by the Nigerian population and steer the economy towards recovery. With the misery index on the rise, it is evident that swift and decisive action is needed to avert a deepening economic crisis in Nigeria.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.
