Inflation rate in Nigeria

By the first half of 2021, the Inflation rate in Nigeria will be reduced, this is what is promised by the Central Bank of Nigeria.

The Governor of the Central Bank of Nigeria mentions in his statement that the inflation rate in Nigeria will reduce by the first half of 2021.

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Considering the fact that the inflation of Nigeria rose as high as 14.2% in October 2020.

This education in the rate of inflation assured by the Governor of the CBN is promised because the government has begun to introduce different strategies and measures that will help normalize the inflation rate by 2021.

The measure set by the Federal Government is said to increase productivity which will also help Nigeria recover from the destructive impact which befell the country due to the coronavirus pandemic.

The Governor of the Central Bank of Nigeria, Emefiele made this known to the general population during the 55th Annual Bankers Dinner which was coordinated by the Chartered Institute of Bankers in Lagos.

Most of the measures that are put in place to reduce the inflation rate in 2021 include the adjustment of the exchange rate and building of drainage systems to help control and stop flooding which happens to occur in farm belt areas.

During the 26th Nigerian Economic Summit, the Minister for Finance, Budget and National Planning, Zainab Ahmed, made notice that Nigeria’s swelling rate is relied upon to decrease by 202 in light of the fact that the Federal Government is striving to reestablish the economy of Nigeria.

The announcement made by the National Bureau of Statistics (NBS) made it clear that Nigeria as a country is facing the second recession in 5years Q3, as the Gross Domestic Product (GDP) dropped for the second sequential quarter.

Based on the announcement released by the Nigeria Bureau of Statistics (NBS), cumulative Gross Domestic Product (GDP) for nine months in 2020, consequently, reached -2.48%, after as it was reported to be -6.10% in Q2.

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