The way inflation in Nigeria eroding the value of naira it has affect many life and it has become leading topic of discussion in every Nigeria household. There is no doubt that the persistent increase in price of goods has caused many households suffering to make ends meet.
Nigeria market is the only market that I know it doesn't obey the law of gravity, what I mean is that the price continue rising without falling which results in many Nigerians reduce their consumption and even affect their purchasing power. Non of us thought inflation will hit the nation like this in the last five years but see us now, inflation continue penetrate more deeply into the economy and if care is not taken, it going to affect both the citizens with lower income and average people which will hinder them from getting stuffs like food,electronics,medications and all.
The prevailing high in price of goods lead individuals to buy lesser quantities of goods or even go for the cheap price and this will not continue like this unless there is a solution to beat down inflation in Nigeria. Inflation is just a killer to the economy and we all need to be saved from collapse of the economy.
Inflation Reflect on Production, Production Reflect back to the Consumer
The problem with high inflation in Nigeria is that it first affect the Nigerian producers and that should be a source of concern to us. For instance, if there is increased in the price of crude the Nigerian producers will feel the pain because the cost of production have to gone up and since this gone up it will reflect back to the consumers. Honestly this is very frustrating and not making any meaningful contribution to the nation output.
If manufacturing sector is been affected with inflation, the whole sector will be affected and it going to worsen the problem we are facing with the economy only if the government find a better way to rescue the economy that is in the brinks of collapse. The Nigerian need different systems to change the rate at which the level of prices for goods and services keep rising.
This is where Central Bank need to come in, central need to find a way to limit the inflation by printing more money to boast the economy and keep it smoothly that it will stop affecting the poor and low income people. I believe the decrease in the supply money has caused many of those problems and the way more money are pushed to our government that is not transparent. Instead let pushed the money to boost the economy and build a better nation for generations to generations.
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