Efio-Ita Nyok|24 September 2016
Nigeria's economy has now seen two consecutive quarters of declining growth, the definition of recession in the usual sense. This is owing to the fact that the latest growth figures shows the economy contracted 2.06% between April and June.
With recession comes the usual hike in products and services and fall in purchasing power (inflation), but not with one item which one Mr Ekeng Inyang a Nigerian of Cross River extraction identifies. The Calabar South-born Mr Inyang has observed with understandable dismay that the cost of Marijuana has remained constant despite the negative onslaught of recession in prices of goods and services.
In his own words, 'A rap of Indian hemp is still N50. Why has inflation not affected it? Forget wicked people who pretend to be good. Biscuits, bread, sugar, wine and all those legitimate businesses who claim to be good have stepped up price'.
'Some legit biz you see as bad still stands unchanged. Cigarettes, beer etc…
While illegite like dopes…Indian hemp, cocaine, metaphine….all still have not increased price of product. What a country?', Mr Inyang concluded.
It would be recalled that when the exchange rate of the Naira slumped below the previous rate of N197 to a $, prices of goods and services skyrocketed so much so that even a street vendor who halks perishables and other petty goods would funnily cite the dwindling exchange rate. Now, with the recession, we have excruciating economic conditions of low purchasing power to a skyrocketing price for goods and services, but not the Marijuana popularly called Ikong Ekpo or spirit's delicacy in literal translation. Why is it so? This may be Mr Inyang's fascination. Drop your comments, please.
Efio-Ita Nyok
Is a Blogger & the Editor of NegroidHaven.org
