Economy
The Urgent Need For Reduction In Food Prices And Other Household Essential Goods In Nigeria -By Egunjobi Samuel
How can satchet water that started as #5 per one became ₦50 per one in some areas, with lower currency such as ₦20, ₦10, ₦5 becoming irrelevant each day without purchasing value.
The skyrocket inflation ravaging the length and breath of Nigeria due to some government economic policies with unemployment have weakened the purchasing power of an average Nigerian, with many households living below the poverty line.
Hunger destroys concentration, confidence and dreams, more reason Nigeria Price Control Board and Consumer Protection Agency should monitor the price of essential goods to protect low income households from the gimmicks of overpricing by some unscrupulous distributors, producers, retailers and other middlemen, who are professional in extortion, hiding their greed behind rise in price of crude oil and foreign exchange.
The price of food materials and water needs regulation, the income of households varies due to many factors e. g type of employment, location, type of business e. t. c and what’s convenient and affordable to a civil servants, maybe out of reach to striving youths population and other age group that are not beneficiaries of the government credit scheme, and other self employed individuals who are not captured in the salary increment initiative of the Federal Government.
How can satchet water that started as #5 per one became ₦50 per one in some areas, with lower currency such as ₦20, ₦10, ₦5 becoming irrelevant each day without purchasing value.
Until an average Nigerian without collateral can approach Nigeria Credit Corporation and other financial institutions for loan to support their businesses and other productive activities. Until unemployed graduates can approach Ministry of Finance and Central Bank of Nigeria with their business plan, credentials and proposals and get a credit approval with growth support tools like training/skills acquisition workshop/conference to ensure productivity, effectiveness and efficiency in operation and monitoring of performance to avoid redirection of approved credit.
Continuous increment of civil servants salaries and other staffs of government without considering other groups will not end the cycle of emigration of skilled, talented, competent and resourceful Nigerians to other countries, widening the brain drain gap, as more Nigerians without opportunity for growth and wealth creation will continue to prioritize JAPA as an escape plan from systemic poverty and hunger induced frustration.