Economy: Nigeria better than the United States, Canada, Russia, Spain and Germany
Minister of State for Labor and Employment, Festus Keyamo, said Nigeria was doing better than leading countries in the world in terms of percentage rise in inflation rate.
According to Keyamo, the nation has fared better than the United States of America, Canada, Russia, Spain and others in how inflation is rising.
Keyamo spoke on Channels Television’s Politics Today program on Friday.
Nigeria’s senior counsel said the rise in inflation in Nigeria was only up 5% from 2020 when the world went into lockdown due to the COVID-19 pandemic.
According to him, other countries around the world have seen their inflation rates rise by a percentage far above that of Nigeria.
“With what we have been through in the past seven years, Nigeria has performed well against a backdrop of global macroeconomics of major countries in the world.
“The inflation rate was hovering around 13% in 2020 around the pandemic. Now we are doing 18%. That’s about five percent.
“We are better than the big countries in the world like the United States of America, like Canada, like Russia, like Spain, like Germany. Go check me out. I’m not saying their inflation is 18%. I’m talking about the percentage increase. In other words, we have tried to contain inflation more than the big countries.
“In fact, Ghana is worse. Ghana made 19 percent in terms of increase. Inflation in Ghana is currently around 29 or 30%. We do 18 percent. The United States, Canada, Germany and others fluctuate between 10% and 7%, more than Nigeria which reaches 5%. It could have been worse, that’s what I mean,” Keyamo said.