Inflation on the Rampage

THE UNTOLD NATURE OF INFLATION IN NIGERIA


Have you ever taken time to study the Nigeria’s market sector? Well, as for me, I’d severally taken my precious time to digest the sector with respect to the galloping pattern of the prices of goods and services, inter alia. Without mincing words, the last time I checked, the scenario was quite more devastating and alarming. An observation/research that almost took my life due to a social haemorrhage I abruptly suffered from. Thank God for my resilient posture afterwards.

Lest I forget, do you like smiling? As for me, a sincere smile remains the greatest idiosyncrasy that would be witnessed or dished out by mankind. But, try to imagine a situation whereby your smile ceases to showcase or has been seized by something or someone else. Apparently, such could be deadly if I’m not mistaken. Pardon the digression, though, it was consequential. Let’s ride on!

Previously, I did a work on ‘sadism’. And, in that piece I unequivocally stated that, sadism is when one drives pleasure (excitement) seeing others being hurt, or, by hurting other people. I must tell you; what we’re yet to acknowledge is that, sadism could be classified into several numbers. In this edition, I sincerely promise, I’ll take time to throw more light on that. Please don’t be in haste because we’ve a long distance to cover as regards this edition.

Penultimate two weeks, I got a message on my e-mail address/account from one of my female fans who happened to mail from Aba in Abia State, Nigeria. After her appreciation both in retrospect and in anticipation in regard to my writing prowess and stride, she urged me to do a work on the ongoing abrupt rise of commodities in our various markets, with the view that it was a deadly scene. Honestly, she sounded bitterly concerning the anomaly. You needed to see the mood of the message; it bore asperity.

Brethren, as you can see, we’re discussing the ugly trend (inflation). I wish to commence with a finite and concise definition. Inflation is a general increase/rise in the prices of goods and services in a country. Here, my paramount interest lies in the general causes of the market ill, taking Nigeria as a case study.

Firstly, inflation could be instigated by high fuel price. A rise in petroleum products is a pathway to inflation since all the existing vehicles use all the products as the case may be, as their energy source. It’s no longer news that the commodities in the markets are being transported from one place to another before they arrive at their final destinations; and the transportation in question is by the aid of the aforementioned vehicles. So, if the prices of fuel and/or other petroleum products rise, it would as well negatively affect the cost of transportation thereby resulting to general rise in prices of all commodities.

Secondly, high import duties fee had also been noted as one of the most causes of inflation in Nigeria. In most cases, the charges imposed on imported goods are at the high side. The price at which the goods are sold to the final consumers bears the consequence of such ruthless act. This syndrome is often attributed to lack of patriotism amongst the consumers, which mostly leads to low Gross Domestic/National Product (GDP/GNP)

Thirdly, the negative impact of lack of power supply on Nigeria’s industrialization sector cannot be overemphasized. Suffice to say that, the anomaly has caused an enormous damage. Often times, the existing firms in the country operate with their respective power generating sets (machines). The prices of the manufactured goods accommodate the burden of such discouraging scenario.

Inter alia, greed cannot be left out when discussing the issue of inflation in Nigeria, and other African countries in general. In numerous occasions, the sellers dubiously impose overwhelming prices on the goods just to suit their selfish interest. This dubious act of the sellers, if properly checked, had constituted the greatest nuisance in our markets.

At this juncture, I urge the concerned authorities to do something drastic towards putting this menace to the history book. To begin with; by now, Nigeria ought not to be discussing incessant rise in fuel price. This simply means, we’re still living in the past. On the other hand, fees attached to import duties should be made affordable or reduced to the barest minimum by the apt authority; I know, the Nigerian Custom Service is answerable to such actions, therefore, it has a greater role to play here. In the same spirit, the Nigeria’s power sector ought to be wholly privatized to create room for rivalry which would ensure greater productivity in the process.

Above all, considering greed, I suggest that a distinct agency should be set up by the government to continually monitor the prices of goods and services in our existing markets. I’m also of the view that, the Consumers’ Protection Commission (CPC) has a very cogent impact to make in this aspect. In the same vein, the law makers should enact a formidable law stating that anyone caught in any dubious act as regards inflation ought to be arraigned by a mobile court and if found guilty, should be meant to face a capital punishment.

All hands must be on deck to ensure that, this absurd aberration that had succeeded in seizing our smiles is brutally murdered, because the panacea lies in our hands. Or, would you like your precious smile to cease for eternity? Think about it!

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COMR. FRED NWAOZOR

frednwaozor@gmail.com