The assurances by the Federal Government that the country will exit recession by the third quarter of 2017 seems to be a tall order as household food index has continue to rise by a whopping 2.6% in just two weeks ending May 27 2017, National Daily findings has revealed
National Daily noticed a significant price increases in food items such as garri, tomato, powdered milk and juice, higher than -1.2% contraction observed in the two weeks ended May 15, 2017.
Ijebu garri prices for example, was up 45% in the period under review while round shaped tomato prices was up a whopping 56%.The rise in the price of juice continued this week, with Chivita and 5Alive prices gaining over 14% in price increases.
A trader at the market, Vincent, who sells wares and shoes, attributed the hike in prices of goods to the present economic situation. According to him, the present administration is not to be blamed on the hardship posed to Nigerians, Buhari met a dead economy.
“For us the traders in the market, we record loss. There is no market. Before, when five customers come to purchase wares, at least three will buy end up buying but now the reverse is the case
A meat seller, simply identified as Alabi, also said that the downturn in the economy has affected their purchase lately. The price of meat, according to him, has skyrocketed incredibly. He said: “What we are experiencing now is aching. Meat is very expensive now. Before we make buy and make gains, but now we buy and record loss.”
Meanwhile, Acting President, Prof. Yemi Osinbajo, on Thursday, assured investors that the country would come out of economic recession stronger and bigger than before, with its Economic Recovery and Growth Plan (ERGP) policy.
The acting president gave the assurance at the Presidential Policy Dialogue Session, organised by Lagos Chamber of Commerce and Industry (LCCI) in Lagos.
Osinbajo, who was represented by Dr Okechukwu Enelamah, the Minister of Industry, Trade and Investment, said the country was witnessing a challenged economy.
Osinbajo said government was committed to improving power sector and creating friendly environment for businesses.
Earlier, Dr Nike Akande, the President of LCCI, said the chamber was delighted to observe that the short to medium term outlook for the Nigerian economy was much better than what it was this time last year.
According to Akande, this is the outcome of the series of new policy initiatives, engagements and consultations with key stakeholders and some positive developments in the external sector.
She commended the government’s responsive disposition which had led to some policy reviews.