The Confederation of Nigerian Industries says rising commodity prices and rising labor costs are forcing some of its members to close their businesses.
KANO, NIGERIA – This comes as Nigerians are reacting to a report by the international community that 7 million Nigerians will fall into poverty this year as a result of rising food prices.
By the beginning of 2022, the World Bank estimates that a total of 6 million Nigerians will fall into poverty by the end of the year.
But a recent report by the bank said the number would increase by one million, as prices for food and other basic necessities soared in the country.
Inflation in Nigeria was the fastest in the world before the outbreak of the war between Russia and Ukraine and the war further exacerbated the cost of goods and services in the country, the report said.
Some Nigerians who have spoken out against the report say poverty has led to the loss of their wives, while others say their income is not enough to cover their groceries.
In an interview with VOA, Mallam Zakari Yau Aliyu, a butcher in Kano, said that apart from the poor living in extreme poverty, inflation has a negative impact on small businesses. investment and handicrafts in the country.
For its part, the Manufacturers Association of Nigeria (MAN), through Alhaji Sani Hussaini, the chairman of the association in Kano and Jigawa zones, said its children were now experiencing the effects of rising prices due to rising prices. the country faces.
The fall in the value of the Naira, the shortage of electricity and the rising cost of oil are among the reasons cited by the World Bank as the cause of the rising inflation that has created new poverty for 7 million Nigerians.
The international community is in line with the Nigerian Industry Association and the steps that need to be taken by the authorities.
The Nigerian authorities are already saying that they can work to stabilize the country.