Business
Rising inflation rates in Nigeria 1999-2023
Inflation rate has continued to rise in Nigeria from 1999 to 2023 with minimal control or recovery.
The rates, however, fluctuates either higher or lower under the different Presidents.
The Year-On-Year inflation rate for the past 24 years are as follows;
July 1999: 3.98%
July 2003: 12.92%
July 2007: 4.83%
July 2011: 9.40%
July 2015: 9.22%
July 2019: 11.08%
July 2023: 24.08%
Inflation rate was lowest in the administration of former President Olusegun Obasanjo at 3.98% in July 1999; though rose to 12.92% in July 2003.
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The inflation rate dropped again to 4.83% in July 2007 in the administration of late President Umaru Musa Yar’Adua; rose to 9.40% in July 2011 in the administration of former President Goodluck Jonathan, declined to 9,22% in 2015, rose to 11.08% in July 2019 in the administration of former President Muhammadu Buhari, and rose to an all time high of 24.08% in July 2023 in the administration of President Bola Tinubu.
Prices have gone astronomically high in Nigeria since President Bola removed petrol subsidy by fiat without necessary economic measures to forestall sharp rise in the cost of petrol.
Citizens have been going through unprecedented hardship in the country, barely struggling for survival.
The current report of the National Bureau of Statistics (NBS) does not support any hope of encouraging investors into Nigeria because the purchasing power of Nigerians has been weakened. Investors would need guaranteed returns on investment before ever deciding on venturing into the Nigerian economy as presently structured.