Post
Topic
Board Nigeria (Naija)
Re: The cause of inflation
by
JMBitcointernational
on 26/02/2024, 10:41:48 UTC
The cause of the inflation is nothing but as a result of printing money that is naira is losing value constantly everyday. The economy has never been bad like this, we are facing the consequences of wrong economy doings.
Well spoken op the printing of new naira notes by the past administration really facilitated on this inflation because it reduces the value of naira as the day goes by.

Nigeria economy is built around the oil sector which the price of dollar is one the major factors that influence its rate. the current administration might be fighting secretly to reduce this economic crisis but i will advice them look properly at other sectors of the economy like the agricultural sectors, going back to our cocoa plantation ,coal mining ,limestone and so  many more because Nigeria is actually blessed with so many natural resources .

in addition ,another way to reduce this economic crisis is to stop borrowing, and reduce the rate of importation, build refineries in the country instead of exporting crude oils and also going back to buy the finished products(fuel,diesel,gas) because this will also help to reduce illegal refining of fuels which also cause environmental hazard.

lastly, they should also reduce some of the unnecessary allowances giving to politicians and use the money to build social infrastructures ,so that nigerians will have the need to enjoy social amenities .