Nigeria's new Military Government are preparing an all-out war against inflation, but until new measures are introduced, soaring prices are creating problems for the authorities as well as the general public.
Nigeria's new Military Government are preparing an all-out war against inflation, but until new measures are introduced, soaring prices are creating problems for the authorities as well as the general public. Food is scare and expensive, and basic commodities such as milk, sugar, and soft drinks - have suddenly become luxury good for the average citizen.
Traders have been manipulating the market forces to frustrate official efforts to peg prices. There has been widespread hoarding and great deal of profiteering on the black-market. Price control inspectors regularly raid markets and arrest offenders, but their influence is minimal.
The seriousness of the problems caused by inflation was highlight only tow days after the overthrow of the former Head of State, General ??? Gowon. when soldiers raided markets and bus stops, and forced ??? to drop their prices and bus companies to drop their fares.
The new Government has appointed an 11-man Anti-Inflation Task ??? composed of eminent economists, to carry out an exhaustive study of the causes, effects and possible cure of inflation.
Meanwhile, the inflationary spiral has been aggravated by the ??? congestion at the Nigerian ports. This situation began last year following massive imports.About 300 ships are stranded in Nigeria's main seaport at Lasgos, which is operating far in excess of its capacity.
In order to ease the dual problems of inflation and port congestion the federal Government has entered into bilateral agreement with Ghana to enable Nigeria to divert ships carrying official import cargo to the Ghanaian port of Tema and Takoradi where they can be unloaded. The cargoes will then be carried by road to Lagos.
This scheme, when it starts in a few weeks time, should help not the port congestion in Nigeria -but also the authorities who are crying to reduce the rate of inflation.