Government Urged to Act Swiftly to Tackle Rising Inflation in Nigeria
The Abuja Chamber of Commerce and Industry (ACCI) has issued a compelling plea to the Nigerian government to intervene decisively in order to address the alarming surge in inflation that is currently gripping the nation.
President of the ACCI, Emeka Obegolu, has emphasized the necessity for the government to implement strategic interventions to counter the inflationary trends that have been exacerbated by the removal of fuel subsidies and other factors that are hindering the smooth operation of businesses across the country.
In a statement released on Friday, the ACCI has expressed its alignment with the findings of the National Bureau of Statistics report on the Consumer Price Index (CPI) for December 2023. The report revealed a staggering increase in the nation’s headline inflation to 28.92 per cent, marking the 11th consecutive increment and the highest inflation rate in two decades. The surge in food inflation, which has reached 33.93 per cent, has also been highlighted in the report.
Chief Obegolu has stressed the urgency for the government to strengthen the production value chain, particularly in sectors that provide employment opportunities. He has specifically highlighted the importance of the livestock sector, with a particular focus on the dairy industry, in addressing long-standing farmer-herder clashes and in enhancing national security. Additionally, he has underscored the significance of the mining sector, urging the government to attract foreign investment to improve the socio-economic welfare of the citizens.
The ACCI president has urged the government to uphold its pro-business policies aimed at enhancing the ease of doing business. He has highlighted measures such as the streamlining of tax procedures, the swift implementation of new minimum wage standards to boost consumer purchasing power, as well as addressing prevailing insecurity concerns and ensuring a stable power supply.
These measures, Chief Obegolu believes, are anticipated to alleviate the cost of production, ultimately positioning the country as an attractive investment destination.
Expressing optimism about the nation’s economic prospects, particularly with the imminent commencement of operations at the Dangote Refinery and other refineries, the president has stated that this development will enable the government to conserve foreign reserve earnings, thereby facilitating investment in critical sectors of the economy.
As Nigeria contends with a historic surge in inflation, the plea of the ACCI serves as a prominent call to action, urging the government to implement robust strategies that will alleviate the economic challenges being faced by the nation and pave the way for sustainable growth and development.
