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

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

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The Minister of States for Labour and Employment, Festus Keyamo, has said Nigeria is doing better than major countries in the word as far as the percentage of rise in inflation rate.

According to Keyamo, the country fared better compared to the United States of America, Canada, Russia, Spain and others in the manner in which the inflation is expanding.

Keyamo spoke Friday while featuring on Channels Television’s Politics Today.

The Senior Advocate of Nigeria said Nigeria’s rise in inflation in only five percent increase from 2020 when the world locked down because of COVID-19 pandemic.

According to him, different nations across the world had their inflation rate expanded in a percentage that is way higher than that of Nigeria.

“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 per cent in 2020 around the pandemic. Now we are doing 18 per cent. Which is about five per cent.

“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 per cent. 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 inflation now is about 29 or 30 per cent. We are doing 18 per cent. USA, Canada, Germany and others are hovering between 10 per cent and seven per cent, higher than Nigeria that is doing five per cent. It could have been worse, that’s the point I’m making,” Keyamo said.

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