I Strongly Disagree With Nigerians Who Are Saying That The Cost Of Living Is Too High– Nyesom Wike
Nyesom Wike, the Minister of the Federal Capital Territory (FCT), has provided insights on the prevalent concerns surrounding the escalating cost of living in the country, Nigeria.
SEE VIDEO: Watch The Video Below:
In his analysis, Nyesom Wike chose to understate the issue at hand, asserting that concentrating on the surge in prices is not the most effective strategy. Instead, he pinpointed the insufficient purchasing power of investors as the fundamental challenge, exacerbated by the current economic climate. Nyesom Wike underscored that price surges have always been intrinsic to the nation’ s history, advising Nigerians against fixating on them.
Nyesom Wike explained how Nigeria operates in a capitalist system, where market dynamics are the primary factor in pricing. He contended that although the government retains the capacity to institute regulations, it lacks complete authority over these mechanisms.
Consequently, price fluctuations frequently transcend the government’ s all- encompassing control and are predominantly steered by overarching market trends. Wike emphasized that the repercussions of elevated costs are universally felt, extending even to affluent individuals, signifying a communal burden.
The Minister dismissed the viability of imposing specific price controls, such as rent allocations, illustrating that such interventions are unfeasible within Nigeria’ s capitalist economy, where the interplay of demand and supply significantly influences pricing. While governmental interventions may offer support in select sectors, they cannot wholly counterbalance the market’ s sway on pricing.
Conclusively, Wike reiterated his stance that market- led economies like Nigeria are inherently susceptible to price oscillations. Although government protocols can ameliorate certain pressures, they are insufficient to entirely avert these transformations. He advocated for a comprehensive grasp of how market forces mold the economy, accentuating the necessity for adaptability over continuous disparagement of climbing expenses.
According to his words, Nyesom Wike said, ” I don’ t agree with people about all increases in everything today. So that should not be the issue that you want us to make the more to say that a two- bedroom flat should not be more than N50, 000 for example or N100, 000. I don’ t think that’ s the problem now. ”
Nyesom Wike added – ” The purchasing power is very low for investors because of the economic effect on us. I don’ t agree with Nigerians saying that the cost of living is high. I don’ t sincerely agree with that. There’ s never been a time that Nigerians never complained about increasing rates. ”
What do you have to say about this statement from Nyesom Wike? Feel free to share your thoughts with us in the comment section.
SEE The Source: SYMFONI Television’ s Youtube Channel, Watch The Video Of The Interview. Start From 04: 13 For The Quote
