“We know that the war between Russia and Ukraine is contributing a lot as the two countries are very important commodity exporters. Both of them account for 30 per cent of sunflower exports in the world. So, when such a region is at war, you know what will happen to food prices worldwide.”
That was part of the comments by the acting Governor of the CBN, Folashodun Shonubi, stated this at the 2023 Zenith Bank International Trade Seminar in Lagos on Tuesday.
The CBN governor said that Nigeria’s inflation rate is still doing better than most African nations.
The acting CBN governor, who was represented by the Deputy Governor, Economic Policy at the CBN, Kingsley Obiorah, said Nigeria’s inflation rate stood at 22.8 per cent, adding that the International Monetary Fund expected the country to have a growth moderation of 3.2 per cent in 2023.
According to him, there were several contributing factors to the global inflation rise.
Speaking on the theme, “Nigerian Non-Oil Export Industry. The Present, The Future,” Shonubi expressed concern over low growth rate in non-oil exports to Gross Domestic Product ratio.
Obiorah stated, “Now, when you come down to Africa and neighbouring Ghana, At the last count inflation there is at 42.5 per cent. We have it at 31 per cent in Ethiopia and 36 per cent in Egypt.
“So, in our dear country, we are at 22.8 per cent. When you hear these figures, it tells you that we’re not doing as badly but all of this has also affected economic growth itself. Today, the IMF has revised growth downwards from 3.5% per cent to three per cent this year and 3 per cent next year.”
Obiorah mentioned that the war between Russia and Ukraine, and a shift from goods to services are also significant factors.
“We see too in China today some correction in the property market. A lot of Chinese don’t have quite the kind of investment vehicles that say the average American has.
