Orji Kalu: Inflation is global… Nigeria’s economy will bounce back

Orji Kalu, senator representing Abia north, says the impact of the COVID-19 pandemic will take between 10 to 15 years to wear off. 

He also warned that Nigeria’s prevailing hardship is part of a global economic crisis.

Speaking with journalists in his home town on Wednesday, Kalu said the nation’s economic recovery will take time, adding that the situation is not unique to Nigeria.

“In many forums as a businessman, I have spoken seriously about the economy getting back to its track, and the economy getting back to track is a task that must be done,” he said.

“But what is happening today is that on the top level, the economy is doing severely well, but it needs time to trickle down.”

He said history has shown that it takes time for economies to bounce back after severe downturns.

“If you remember during the austerity measure, it takes a couple of years for the economy to get back once you run into deflection or depression and all the rest of them,” he added.

“Let me be honest with you… I am not saying this because I’m a member of APC. There is worldwide inflation, deflection and depression. The effects of COVID will take about 10 to 15 years to go off.

“You know all places were locked up, there were no economic activities anywhere and when you have no economic activities anywhere, it means there is depression.

“So, when money is not changing hands, it’s a problem. So honestly, it’s because we have no formal economy.”

Kalu said countries across the world are struggling with similar issues.

“In the United States, things are very difficult, in the UK things are very difficult, in Canada, everywhere,” he stated.

He said while citizens are bearing the brunt, economic indicators will eventually improve.

“I believe that in the next one, two, three years, the economic activities will be getting down to the root where it’s supposed to be,” he said.

“I know people are suffering. I pay people. I work with people. I sell commodities. I know what I used to sell and I know what I’m not selling now. So I know people are suffering.”

The senator added that President Bola Tinubu is not insensitive.

“President Tinubu himself also knows that people are suffering. He’s not a not a fool. He’s a president,” Kalu added.

“No president whatsoever in the world wants his people to suffer. And no governor also anywhere in the world wants her people to suffer.

“It’s just the same. When people are in position of leadership, they want to do their best so that they can eliminate suffering from the people they govern.”