Economy

Economist: Insecurity, coronavirus responsible for economic downturn in Nigeria

An economist and chieftain of the All Progressives Congress (APC), Dr Saka Ibrahim Ominiwe, has blamed the present harsh economic situation in the country on insecurity, COVID-19 and naira devaluation.

Speaking in an interview with newsmen in Ibadan, Oyo State, he said the nation’s economy is experiencing galloping or hyperinflation.

According to him, “When you look at the causal effects of inflation, this is the time when demand overshoots supply, definitely the price will go up astronomically.”

To tackle the problem, Ominiwe said, “It is to improve on the production side which has been adversely affected by the insecurity in the land.

“Where farmers could not go to their farms due to fear. 25 per cent of Nigerian farmers could not go to farms because of fear of being kidnapped or maimed or killed. So this has affected production negatively.

“Go to Northern Nigeria where over 70 per cent of our food production comes from, most of the farmers have been displaced. Most of them now reside in camps where they cannot display their legitimate occupation.

“This is one of the reasons where production of agricultural products is reduced”, he added.

Ominiwe who is the president, Educational Legacy College Ibadan said that during the COVID-19, there was a restriction of movements which also affected food production.

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