Peter Olaniyi |
The Financial Derivatives Company Limited has disclosed that the economic cost of the #EndSARS protest disruption is estimated at N1.5tn, approximately 1.03 per cent of the GDP and 11.47 per cent of the 2021 budget.
The FDC which projected headline inflation to rise to 14.5 per cent in October from 13.71 per cent in September, said the protests magnified existing output challenges and supply chain disruptions.
“This coupled with money supply saturation, higher logistics costs, CBN’s forex rationing as well as forex restriction for imported finished goods have heightened inflationary pressures.
“This means that inflation will be rising for the 14th consecutive month. It would also be the highest level in 33 months.
“Food inflation will be the most affected as it is estimated to climb to 17.05 per cent. Other sub-indices are also expected to move in the same direction.”
© 2020, maritimemag. All rights reserved.