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With the increase in inflation and unemployment in the country, It’s safe to say that Nigeria is experiencing stagflation.
According to Investopedia, Stagflation is an economic cycle characterised by slow growth and a high unemployment rate accompanied by inflation.
It is said that economic policymakers find this combination particularly difficult to handle, as attempting to correct one of the factors can worsen another.
In Nigeria, the hike in prices cuts across every sector of the economy from food commodities to fuel and thus transportation, etc. Let’s not forget that the Naira is steadily losing value.
Now, that we are at this stage in Nigeria, what do you think can be a solution to these economic issues?
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