Inflation rises to 17.33% in Nigeria as 23 million people become jobless

Prices of foodstuff and goods have been on the rise every other day.

Nigeria's economy has tanked on President Buhari's watch (Presidency)

Food inflation now stands at 21.79% from 20.57% in January 2021.

Core inflation is at 12.38% from 11.85% in January, according to latest data supplied by the National Bureau of Statistics (NBS).

At 17.33%, this is Nigeria's highest double digit inflation figure since February 2017.

The grim report from the statistics bureau arrives only hours after it was announced that more than 23 million Nigerians are currently jobless.

Unemployment rate rose highest among young people between the ages of 15 and 35 years from 34.9% in June 2020 to 42.5% in December 2020.

Nigeria's economy has been on the precipice, no thanks to the COVID-19 pandemic, a slump in global oil prices and a host of myopic government policies.

The nation's currency, the Naira, has also weakened considerably, compounding the woes of an import dependent economy.

Prices of foodstuff and goods have quadrupled, even though wages have remained the same in most public and private establishments.

JOIN OUR PULSE COMMUNITY!

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Chinese President XI writes Buhari, seeks to bolster relations

What is the future of Bitcoin?

Fidelity Survey: 52 % Of institutional investors have Bitcoin as a form of investment

What are cryptocurrencies, and what are the tips to securely invest in these currencies?

Here’s a strategy for achieving financial freedom in your business

Know everything about Cryptocurrencies and Blockchain!

Why are governments cautious about Bitcoin?

Crypto experts predictions about the future of Cryptocurrencies!

CBN says banks remain stable, resilient despite pandemic