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The Minister of States for Labour and Employment, Festus Keyamo, has claimed that Nigeria is doing better than the United States of America, Canada, Russia, Spain and others in the increment of inflation.
Speaking on Channels Television on Friday, Keyamo, a Senior Advocate of Nigeria, said Nigeria is faring better than these countries in terms of the percentage of rise in the inflation rate.
According to the Minister, Nigeria is experiencing just a five percent increase in inflation due to the locked down caused by the COVID-19 pandemic. In contrast, other countries inflation rates increased by a percentage that is way higher than that of Nigeria.
Keyamo said: “With what we have gone through in the last seven years, Nigeria has done well in a context of macro global economy of major countries across the world.
“The inflation rate was hovering around 13 percent in 2020 around the pandemic. Now we are doing 18 percent, which is about five percent.
“We are better than major countries around the world like the United States of America, like Canada, like Russia, like Spain, like Germany. Go and fact-check me. I am not saying their inflation is 18 percent. I am talking about the percentage of increase. In other words, we have tried to keep inflation down more than major countries.
“In fact, Ghana is worse. Ghana did 19 percent in term of increase. Ghana’s inflation now is about 29 or 30 percent. We are doing 18 percent. The USA, Canada, Germany, and others are hovering between 10 percent and seven percent, higher than Nigeria, that is doing five percent. It could have been worse. That’s the point I’m making.”