By Nse Anthony-Uko
ABUJA, (Sundiata Post) – Nigeria’s Inflation rate has fallen for the second month in row, according to data from the country’s bureau of statistics.
According to the National Bureau of Statistics (NBS), the inflation rate fell 17.26 per cent in March 2017 from 17.78 per cent in February 2017.
It is the second time it is falling after a consistent rise in fifteen months prior to February 2017.
However, month-on-month rate rose by 1.72 per cent from 1.49 per cent.
The NBS said the second consecutive month of a decline in the headline rate represented “the effects of stabilising prices in already high food and non-food prices”.
“It is also indicative of early effects of a strengthened naira in the foreign exchange rate market,” it said.
“During the month, the highest increases were seen in Miscellaneous services relating to the dwelling, electricity, solid fuels, clothing materials and other articles of clothing, Liquid fuel, Spirits as well as Fuels and lubricants for personal transport equipment,” the report added.
The country is currently in a recession though the government has repeatedly assured that the economy will grow out a recession in 2017.
Earlier this month, President Muhammadu Buhari launched his 2017-2020 Economic Recovery Plan.
The document is a medium term plan aimed at revamping the economy between 2017 and 2020.
“The Plan outlines bold new initiatives such as ramping up oil production to 2.5mbpd by 2020, privatizing selected public enterprises/ assets, and revamping local refineries to reduce petroleum product imports by 60 per cent by 2018.” The document read
“Other initiatives include environmental restoration projects in the Niger Delta, which demonstrate the Federal Government’s determination to bring environment sustainability to the forefront of its policies.
“As part of this Plan, oil revenues will be used to develop and diversify the economy, not just sustain consumption as was done in the past.