Nigeria is one of the many countries stagflation is affecting in Africa. What's the causes and how can it be addressed is what we discussed here.
Temmy Samuel
What is Stagflation in Nigeria?
Speaking of Stagflation, it simply means the economy situation of a country whereby the country is characterized by high inflation, slow economic growth (in fact, no growth at all), and high unemployment occurring simultaneously. The word " stagflation " was first said by a British politician " lain Macleod " in a speech before the House of Commons in 1965. During that time, there was economic stress in the United Kingdom, and Macleod called the combined effects of inflation and stagnation a " stagflation situation ." In other words, it's when a country's economy is stuck (stagnant) while prices keep going up (inflation). Yes, we can say that this is exactly what Nigeria's been dealing with since decade ago. However, since stagflation combines inflation and economic stagnation, the Nigeria government must balance controlling inflation while avoiding further economic slowdown. But before we dive into that, let's quickly look at some factors that cau…
About the author
Temmy Samuel
He is a seasoned journalist with extensive experience in consumer tech, economy, finance, business, money and politics. Currently chasing a BSc degree in Accounting.
