Nigeria: Should Interest Rates Be Legislated?

22 August 2016

The promise to diversify Nigeria's revenue source and reduce the nation's dependence on dollar income from oil exports was sustained by earlier administrations. Curiously, however, as with previous administrations, there seems to be a convenient denial of the reality that, competitive production output, cannot be sustained in any sector, if critical monetary indices challenge the creation of vibrant economic activities and job creation opportunities.

For example, an inflation rate beyond 4% would be unacceptable in successful economies elsewhere, whereas Nigeria's inflation rate has never fallen below upper single digit rates in recent years.

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