Nigeria Nigeria's Economy in Turmoil: Inflation Hits Record High of 31.70% in February

The most recent data released by the National Bureau of Statistics (NBS) highlights a concerning increase in headline inflation, soaring to 31.70% in February. This significant surge, disclosed on Friday afternoon, represents a notable jump from the 29.90% recorded just the previous month, painting a bleak picture of economic stability within the country.

This sharp rise in inflation poses considerable challenges for the economy, fueled by factors such as elevated food prices and disruptions in the supply chain. Consequently, Nigerians are experiencing a decline in purchasing power, while businesses grapple with heightened operational costs. Urgent government intervention through fiscal and monetary policies is imperative to confront these challenges and restore stability to the economy.

Effective collaboration among the government, private sector, and civil society is essential to mitigate the adverse effects of inflation on livelihoods and to bolster economic resilience in the face of these ongoing difficulties.