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

Headline inflation in Nigeria spiked to 17.33% in February 2021 from 16.47% in January, as surviving in Africa’s most populous nation gets even tougher for everyone.

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 Nigeriansare currently jobless.

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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.

Pulse Nigeria

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