A former Deputy Governor of the Central Bank of Nigeria (CBN), Mr Obadiah Mailafia, has lamented the poverty situation in the country, saying that there is a lot of suffering in the land.
Mailafia made this assertion on Monday during an interview on Channels Television’s Sunrise Daily.
“There is a lot of suffering in the land. There is no way we can gloss over it. We could but the reality is that life has become more difficult for people,” he stated.
Speaking on the nation’s economy, the ex-CBN deputy-governor stated that the economy is growly at a slow pace.
He lamented that economic growth does not tally with the population growth, describing the situation as negative.
On the closure of the borders, the economist praised the Federal Government for taking the bold step that would check smuggling and other criminal activities.
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He, however, said the continued closure has contributed to inflation, including the high prices of rice which is consumed by most Nigerians.
Mailafia also advised the Federal Government to address inflation by reducing the cost of borrowing in the coming year.
The economist who spoke on the global oil price at $57 per barrel noted that if the tensions between the United States and Iran increase, Nigeria could benefit from the increase in crude price.
“It is not good to wish anybody any evil. But if the situation worsens against Iran and it leads to a standoff with the United States, we could benefit indirectly by higher oil prices. So we will wait and see how these things will pan out,” he stated.
