Nigeria’s economic doldrums continues to worsen as consumer prices in Africa’s largest economy has shown 13th consecutive rise.
According to the National Bureau of Statistics, inflation for the month of November roser to 18.48% from 18.33% posted in the month of October.
According to the Bureau, “Communication and Insurance recorded the slowest pace of growth in November, growing at 5.61 percent and 6.76 percent year-on-year respectively”.
Meanwhile, President Muhammadu Buhari yesterday presented the 2017 budget proposal to the National Assembly. The budget is looking at taking Nigeria out of the recession into a recovery period to be driven by the stimulation of local production of goods and services that are hitherto imported.
The government said it is looking at creating jobs by fixing infrastructure and Nigeria’s epileptic power supply which has further worsened the country’s economic outlook.
The continuous rise in inflation is symptomatic of the drought in US Dollars that is needed to bring in food and raw material imports. The increase in price of petrol has also worsened the situation with many food commodities witnessing close to 150% increase in prices.