• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

Inflation: 18.12% rate still not healthy for growth of economy – MAN

William UkpebyWilliam Ukpe
2 years ago
in Business News, Health
Inflation: 18.12% rate still not healthy for growth of economy – MAN
Share on FacebookShare on TwitterShare on Linkedin

The Manufacturers Association of Nigeria (MAN) disclosed that the reduced inflation rate of April is still far from the healthy inflation rate needed to kickstart the economy.

This was disclosed by MAN DG, Mr Segun Ajayi-Kadir,  in an interview with NAN on Wednesday in Lagos.

READ: CBN blames herdsmen and bandits for galloping inflation rate

What MAN is saying about the April inflation rate

“Efforts also need to be doubled to initiate policy measures that will address rising incidence of insecurity required for seamless farming, food production and ensure monetary flows are directed toward productive activities.

Unfortunately, the Nigerian economy is still struggling to recover fully from the repeated bout with recession and can therefore not afford high inflation rate, which is not a recovery recipe.

READ: No more N100 a plate meal in Nigeria

In addition, the manufacturing sector is still battling for survival as its growth rate is still neck-deep in the negative region with a growth rate of -1.51% in the Q4 2020 from -1.52 % in Q3 of the same year.

The current inflationary condition in Nigeria adversely affects the profitability of manufacturing and is partly responsible for its poor competitiveness in the sector.

Of course, inflation rate of 18.12% is still not healthy for the well-being of the people and the growth aspiration of the economy and should therefore be properly managed before it spirals out of control,” Ajayi-Kadir said.

READ: Food inflation rate in Nigeria surges to highest in over 15 years

MAN urged the FG through the CBN and Finance Ministry to work on more policies that affect the real sector to prevent a clash in policy implementation.

“For instance, while CBN was creating funding windows at single digit interest rate to encourage production, government increased VAT from 5 per cent to 7.5 per cent. Similarly, government increased minimum wage and also allowed increase in electricity tariff and so on.

READ: How to survive Nigeria’s galloping inflation rate

Government, in partnership with the manufacturers, should select strategic products, particularly those with high inter-industry linkage, for backward integration support and upscale the drive for the resource-based industrialisation agenda,” he said.

The MAN boss called for more forex priority to manufacturers, to enable imports that cannot be sourced locally.

What you should know

Nairametrics reported that Nigeria’s inflation rate stood at 18.12% in April 2021, indicating the first decline in headline inflation in about 20 months.

The urban inflation rate also declined from 18.76% recorded in March 2021 to 16.68%, while the rural inflation rate stood at 17.57%. A reduction compared 17.6% recorded in the previous month.

Food inflation recorded a drop in the month of April 2021, from 22.95% recorded in March 2021 to 22.72%.

Tags: headline inflationManufacturers Association of NigeriaMr Segun Ajayi-Kadirrural inflationurban inflation

Comments 1

  1. Annninmous says:
    May 20, 2021 at 12:25 pm

    Wetin dey don use the money do…make everybody get out

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

hfm
UBA
Mega Millions
Mega Millions
fidelity banner
HFM







NM newsletters

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • RMAFC says NNPC withheld N8.48 trillion from federation account, backs Tinubu on petrol subsidy removal
  • JUST IN: Third Mainland Bridge pile caps were not vandalized – FG
  • Israel, Nigeria to collaborate to generate one million jobs in tech 

Follow us on social media:

Recent News

RMAFC says NNPC withheld N8.48 trillion from federation account, backs Tinubu on petrol subsidy removal

RMAFC says NNPC withheld N8.48 trillion from federation account, backs Tinubu on petrol subsidy removal

June 9, 2023
JUST IN: Third Mainland Bridge pile caps were not vandalized – FG

JUST IN: Third Mainland Bridge pile caps were not vandalized – FG

June 9, 2023
  • Download Nairametrics iOS App
  • Download Nairametrics Android App
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • Login
  • Sign Up

© 2023 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In