Inflation: Nigeria does better than the USA, Canada, Russia, Spain – Keyamo

The States Minister for Labor and Employment, Festus Keyamo, said Nigeria was doing better than leading countries in the world in terms of percentage increase in inflation rate.

According to Keyamo, the nation has fared better than the United States of America, Canada, Russia, Spain and others in the way inflation is rising.

Keyamo spoke on Friday during a show on Channels Television's Politics Today.

Nigeria's senior counsel said inflation in Nigeria was only up 5% from 2020 when the world went into lockdown due to the COVID-19 pandemic.

According to him, other countries around the world have seen their inflation rate rise by a percentage well above that of Nigeria.

“With what we have been through over the past seven years, Nigeria has performed well against a backdrop of macro-global economy of the major countries of the world.

"The inflation rate was hovering around 13% in 2020 around the pandemic. Now we're doing 18%. That's about five percent.

“We are better than the big countries in the world like the United States of America, like Canada, like Russia, like Spain, like Germany. inflation is 18% I am talking about the percentage increase, in other words, we have tried to contain inflation more than the big countries.

"In fact, Ghana is worse. Ghana has done 19 percent in terms of increase. Inflation in Ghana is currently around 29 or 30%. We are doing 18 percent. The United States , Canada, Germany and others hover between 10% and 7%, more than Nigeria which hits 5%. It could have been worse, is what I mean,” Keyamo said.