Medical Expert Explains How Coronavirus Will Lead To Inflation In Nigeria
Posted by E.L.E.X on March 20 2020 under News
A Medical Doctor with the Federal Medical Center, FMC, in Makurdi, Benue State, Ifegbike Kalu, has lamented the effect of Coronavirus on the economy of Nigeria.
Kalu noted that the outbreak of COVID-19 would affect business transactions and cause high rate of inflation in Nigeria and the world in general.
The medical practitioner explained that the travel ban by countries over the outbreak of the disease makes it difficult for people to effectively carry out their businesses.
According to Kalu:
“It’s actually affecting the global economy and that of Nigeria too because things can only grow when people are allowed to transact business across borders but if you have to close your border, it means you can’t export and import and your total revenue will drop.
“At this point, the most you can do is internal trading and transactions; by and large, less goods are going to come into the country especially those that have to do with drugs, consumables and all that.
“Prices of goods will rise because most goods won’t be imported any more and this will lead to inflation which is not a good thing for our economy now. By and large, it’s going to affect the economy much more due to those indices.”
Following the outbreak of COVID-19, the Nigerian government had placed travel ban on about 13 countries in a bid to curb the spread of the disease.
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