Rise in inflation rate in Nigeria man-made – Experts

Experts have said that the current rise in inflation rate in the country is man-made and self-inflicted, occasioned by preference for foreign goods by Nigerians.

Mr Tunji Adepeju, an economist and Mr Raji Rasaki, an ex-banker, made this known in separate interviews with our reporter on Monday, in Ibadan.

Adepeju, who commended the Federal Government policy on border closure, said it would help grow the nation’s economy and make it self- reliant.

“At the commencement of this policy, prices will have to go up because of government’s move to curb smuggling.

“The border closure is in the best interest of this country, because people who make illegitimate income are not happy about the policy and they are trying to frustrate government’s efforts,” he said.

Adepeju urged Nigerians to start consuming locally-made goods which, he said, were healthier and capable of saving the nation’s economy from recession.

Similarly, Rasaki stressed the need for Nigerians to consume the goods being produced in the country.

“The present government is doing the needful, to ensure that our economy bounces back; it is also important for rice millers to appreciate government’s efforts and stop creating artificial scarcity as well as hike in the price of locally-produced rice.

“We should stop being enemies of ourselves; local consumers should not be exploited.

“If government keeps encouraging the millers, they too should boost their production to meet the demands,” the ex-banker said.