Ogbodo Ozioma Favour
The Abuja Chamber of Commerce and Industry (ACCI) has urged the federal government to take decisive measures to address the rising inflation in the country.
In a statement on Saturday, ACCI President Emeka Obegolu called for strategic interventions to counter the inflationary trends, citing the removal of fuel subsidies and other impediments as contributing factors.
The National Bureau of Statistics report on the Consumer Price Index (CPI) for December 2023 aligns with Obegolu’s concerns, revealing an eleventh consecutive increase in inflation, reaching 28.92 per cent, the highest rate in two decades. The report also highlights a surge in food inflation, reaching 33.93 per cent.
Obegolu emphasised the need to fortify the production value chain, particularly in sectors that generate employment opportunities, such as the livestock sector and the dairy industry.
He also urged the government to attract more foreign investment to bolster the socio-economic welfare of its citizens.
The ACCI president stressed the importance of maintaining pro-business policies, including streamlining tax procedures and swift implementation of new minimum wage standards to boost consumer purchasing power. Adding, addressing prevailing insecurity concerns and ensuring a stable power supply were identified as crucial measures to alleviate the cost of production and position the country as an attractive investment destination.
Obegolu expressed optimism about the nation’s economic prospects with the commencement of operations at the Dangote Refinery and other refineries, stated, “I believe that this development will enable the government to conserve foreign reserve earnings, thereby facilitating investment in critical sectors of the economy.
“As Nigeria grapples with a historic surge in inflation, the ACCI’s plea serves as a timely call to action.
“A call for the government to implement robust strategies that will mitigate the economic challenges faced by the nation and pave the way for sustainable growth and development.”
