Stakeholders in the Nigerian economic system have said the only way out of the persistent rise in inflation rate is for a total overhaul of the nation’s economic policy.
The Stakeholders, who were reacting to the November 2022 consumer price index released by the National Bureau of Statistics, said it was time to go back to the drawing board to find out where the problem is.
The United Kingdom has projected that Nigeria and other African countries may for a very long time experience high food prices and food insecurity, saying issues with farm inputs, especially fertilizer and water is going to be prolonged.
The U.K. Ambassador to Nigeria, Catriona Laing while delivering a keynote address at the Feed Nigeria Summit, state that energy prices, restrictions on exporting of fertilizers, Covid-19 pandemic and its disruptive effect on supply chains, as well as the ongoing Russia and Ukraine war may result in long term food security issues, among others.
The World Bank says it will take northern states forty years to catch up with their southern counterparts considering the current growth rates.
In its report tagged “Charting a New Course, the bank notes that low growth has deepened regional gaps with the mainstays of the northern economy – agriculture, solid minerals and manufacturing, not experiencing rapid growth in recent years.