EMEFIELE: BANDITS, TERRORISTS, HERDSMEN CAUSE OF NIGERIA’S INFLATION

Written by on March 24, 2021

GOVERNOR OF THE CENTRAL BANK OF NIGERIA (CBN), GODWIN EMEFIELE, HAS ATTRIBUTED THE COUNTRY’S RISING INFLATION TO WORSENING INSECURITY, CAUSED BY BANDITS, TERRORISTS AND ARMED HERDSMEN.

EMEFIELE STATED THIS WHILE PRESENTING THE COMMUNIQUE FROM THE MONETARY POLICY COMMITTEE (MPC) MEETING WHICH STARTED ON MONDAY.

EMEFIELE EXPLAINED THAT THE INFLATION, WHICH HAS INCREASED FOR THE 18TH CONSECUTIVE MONTH, WAS EXACERBATED BY FOOD INFLATION.

HE SAID THAT INSECURITY IN MANY FOOD PRODUCING AREAS OF THE COUNTRY WAS A MAJOR CONTRIBUTING FACTOR.

THE APEX BANK’S GOVERNOR SAID THAT WHILE THE BANK WAS MAKING SIGNIFICANT INTERVENTION IN THE AGRICULTURAL SECTOR, THE RISING INSECURITY WAS LIMITING EXPECTED OUTCOMES IN TERMS OF SUPPLY TO THE MARKETS, ADDING THAT THE SITUATION WAS A MAJOR CONTRIBUTORY FACTOR TO THE RISE IN FOOD PRICES.

EMEFIELE URGED THE FEDERAL GOVERNMENT TO COLLABORATE WITH RELEVANT STAKEHOLDERS TO URGENTLY ADDRESS THE CHALLENGE OF INSECURITY ACROSS THE COUNTRY.


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