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Senator says Nigeria’s inflation not high at 11.4 percent, read why

Senator Gbolahan Dada says Nigeria’s inflation risks higher inflation if certain things do not change.

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Senator Gbolahan Dada (APC Ogun West), a member of the 8th senate, said the nation’s inflation level of 11.4 per cent was still at a reasonable threshold, in view of the nature of the country’s economy.

It was during a lecture delivered recently, that

nigeria's inflation

President Muhammadu Buhari

The National Bureau of Statistic had published new report which showed that inflation rose from 9.6 per cent in January to an all time high 11.4 per cent by end of February. The senator however, believe that the new inflation level was not too high, and that it could go even higher, if Nigeria continues with its oil driven mono-economy, heavily dependent on importation.

In the senator’s words: “If the inflation is 11.4 percent as reported, it is not too much for a country like Nigeria, because our economy is being controlled by one product, the petroleum product. As long as the consumption pattern is driven by heavy importation system, there will be pressure on the foreign reserve, therefore putting pressure on consumption and that is one factor that drives inflation.

“If we are a country that exports massively, definitely it will develop and goods will become cheaper. But in Nigeria, we export nothing apart from petroleum products. We live in a country where things have gone wrong for a long time: we do not obey laid down rules, and we do not follow government policies.”

The senator said Nigeria should focus on solving its economic challenges adding that, the nation must shift away from the mono-economy it currently operated. He insisted that Nigeria was in dire need of a database, which could point in the direction of economic development.

“All our agencies do not carry out adequate research on the economic situation, they only forecast based on certain factors. In other countries, when goods are banned for instance, the agencies responsible, ensure such goods are not smuggled into the country.

“In Nigeria, it is when goods are banned that they are transported more into the country: that is when it becomes business. The truth is that before we transit from a mono-economy to a diversified economy, it will take a while, because of the issue of quality, control issues and others,” he said.

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