We must first fight inflation before talking about economic growth – CBN

“We can’t fight two things at the same time. There will be
trade-offs. If you are fighting inflation, you can’t fight unemployment
simultaneously. Even if you fight unemployment, it cannot reach the desired
level. So, you have to choose either to fight inflation or unemployment. These
two are macroeconomic objectives that are very critical to the development of
the economy.

“But we are saying if we are talking of economic growth, it
is because the economy is still relevant and available, which is why you are
talking of economic growth. But if you look at an economy hit by inflation, you
will not even talk of economic growth.

“So, it is essential that we concentrate and fight
inflation. By bringing inflation down, we start talking of economic growth,” he
said.

Meanwhile, despite the CBN consistently raising interest
rates, which stood at 24.75 per cent in March, the country’s inflation
increased to 33.20 per cent in the same month.