Nigeria crisis – level 2

21-09-2023 07:00

Nigeria’s yearly inflation rate rose to a 25.8% high in August, the highest in 18 years.

This increase is the result of President Bola Tinubu’s decisions in May to stop a petrol subsidy and end exchange controls. These moves caused prices for several things, like food and transportation, to shoot up. The inflation rate was increasing for eight months, and it made the cost of living crisis even worse. The last time Nigeria experienced such high inflation was in August 2005.

Experts say that increased prices for fuel and food, rising logistical costs, and an increase in the money supply are the main reasons for Nigeria’s problems. The central bank raised interest rates slightly in July, and it will make another change on 26 September. Some experts expect a more careful decision.

Difficult words: subsidy (money which the government gives to a business as a way of help), shoot up (to get high quickly), logistical (related to planning and organizing things or materials).

You can watch the original video in the Level 3 section.

What impact will a change in the central bank’s interest rate have on Nigeria’s inflation?


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