The spiraling inflation in Nigeria has been attributed to the awful security situations in some parts of the country, particularly in the north.
Worsening insecurity in major food-producing states in the country primarily contributed to the country’s high inflation rate. Inflation has been on the rise for 18 consecutive months.
The governor of the Central Bank of Nigeria, Godwin Emefiele made this pointed on Tuesday while presenting the communique from the Monetary Policy Committee (MPC) meeting which began on Monday.
Currently, the country’s inflation rate is at 17.33%, the highest level in four years.
Nigeria’s inflation reached a four-year peak in February while food prices rose above 20 percent, increasing financial pressure on households already forced to endure a stagnant economy.
“The MPC noted with concern the continued uptick in inflationary pressure for the 18th consecutive month as headline inflation continued on an upward to 17.33 percent at the end of February 2021 from 16.47 percent in January 2021.
“This increase continues to be attributed to both food and other core components of inflation.
“This specific uptick in food inflation was the major driving factor for the uptick in headline inflation.
“This was due to the worsening security situation in many parts of the country, particularly the food-producing areas where farmers faced frequent attacks by herdsmen and bandits in their farms,’’ the apex bank governor said.
Emefiele also noted that though the apex bank made effort to strengthen the agricultural sector, insecurity remained a limiting factor.
He also advised that the FG cooperate with appropriate bodies to address the surging insecurity.
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