Inflation: Nigeria doing better than US, Canada, Russia, Spain, says Keyamo

Abuja—The Minister of State for Labour and Employment, Festus Keyamo, has said Nigeria is doing better than major countries in the world in terms of the percentage of rise in inflation rate, Daily Post reports.

According to Keyamo, the nation fared better than the United States of America, Canada, Russia, Spain and others in the way the inflation is increasing.

Keyamo spoke Friday while featuring on Channels Television’s Politics Today.

The Senior Advocate of Nigeria said Nigeria’s rise in inflation is just five per cent increase from 2020 when the world locked down due to COVID-19 pandemic.

According to him, other countries across the world had their inflation rate increase by a percentage that is way higher than that of Nigeria.

His words:“With what we have gone through in the last seven years, Nigeria has done well in a context of macro global economy of major countries across the world.

“The inflation rate was hovering around 13 per cent in 2020 around the pandemic. Now we are doing 18 per cent. Which is about five per cent.

“We are better than major countries around the world like the United States of America, like Canada, like Russia, like Spain, like Germany. Go and fact-check me. I am not saying their inflation is 18 per cent.

“I am talking about the percentage of increase. In other words, we have tried to keep inflation down more than major countries.

“In fact, Ghana is worse. Ghana did 19 percent in terms of increase. Ghana inflation now is about 29 or 30 per cent.”

He said Nigeria’s inflation rate is at 18 per cent, while the United States, Canada, Germany and others are hovering between 10 per cent and seven per cent, higher than Nigeria.

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