The Director of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, has expressed optimism that the current inflationary pressures in Nigeria may ease by December this year. This revelation comes as Nigerians continue to grapple with rising prices of goods and services throughout the country.
Speaking during his Half Year Review of 2023, Yusuf shed light on the effects of the removal of fuel subsidies and foreign exchange reforms implemented by President Bola Ahmed Tinubu’s administration. These policy changes have led to a sharp increase in prices, causing significant strain on the nation’s economy.
The latest figures released by the National Bureau of Statistics indicate that Nigeria’s inflation currently stands at 22.41 per cent, a record high that has left many Nigerians voicing their concerns about the soaring cost of living. However, Yusuf believes that there is hope for relief in sight.
While acknowledging the short-term impact of fuel subsidy removal and forex reforms, Yusuf is optimistic that these challenges will gradually subside as the year progresses. “Inflationary pressure is expected to ease before the end of the year,” he stated during his review.
In addition to his hopeful outlook, Yusuf emphasized the need for the Central Bank of Nigeria (CBN) to implement a sustainable intervention framework that will help stabilize the volatile forex market. This, he argues, will contribute to a more tolerable and sustainable equilibrium exchange rate.
As Nigerians eagerly await a reprieve from the current economic hardships, Yusuf’s insights offer a glimmer of hope for a brighter future. Whether his predictions hold true remains to be seen, but his expertise in economic affairs lends credibility to his outlook.
As the year progresses, it is crucial for both the government and the CBN to take necessary measures to address the inflationary pressures and ensure economic stability. The well-being of the Nigerian population depends on it.
