Inflation: Recent Economic Changes in Nigeria
Since the previous administration of Muhammadu Buhari restricted access to dollars for a list of 43 imported items in Nigeria, the prices of goods and services have skyrocketed arbitrarily. This policy has left most Nigerians vulnerable and made their lives uneasy. Consequently, businesses have collapsed due to reduced consumer spending. This decision has led to increased tensions, instability, and a rise in criminal activities in Nigeria. The government cited reasons for this policy, but the unintended consequences have had a severe impact. Some of the restricted items include rice, cement, margarine, palm kernel, palm oil products, vegetable oils, processed meat, vegetables, poultry, tomatoes, soap, cosmetics, clothes, private airplanes, Indian incense, tinned fish, steel sheets, roofing sheets, wheelbarrows, metal containers, enamelware, steel drums, wire mesh, steel nails, wooden products, furniture, toothpicks, glassware, kitchen utensils, tableware, tiles, plastic products, polyp