Nigeria loses N1.5 trillion to  #EndSARS protest – FDC

In its latest economic bulletin, the FDC led by foremost economist Bismarck Rewane said;

“This suggests that the economic recovery path could be longer than anticipated. Massive investment in job-elastic sectors with minimal control on the pricing mechanism will serve as catalysts and would ensure a sustained ‘take-off’.

“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.”

The FDC, in the report which noted that the price of onions, palm oil and tomatoes jumped by 100 per cent, 30.43 per cent and 16.67 per cent respectively, also added that the commodity prices increased by an average of 25 per cent last month as the protests exacerbated existing output constraints and supply chain disruption.