The Abuja Chamber of Commerce and Industry (ACCI) has called on the Nigerian government to take decisive measures to curb the surge in inflation across the nation.
The President of ACCI, Chief Emeka Obegolu, SAN advocates for implementing strategic interventions to counter the inflationary trends deepened by the removal of fuel subsidies and other impediments hindering the smooth conduct of business operations.
The statement from ACCI aligns with the findings of the National Bureau of Statistics report on the Consumer Price Index (CPI) for December 2023.
The report reveals an eleventh consecutive increase, reaching 28.92%, marking the highest inflation rate in two decades. Furthermore, the report highlights a surge in food inflation, reaching 33.93%.
Chief Obegolu, SAN emphasized the imperative for the government to fortify the production value chain, particularly in sectors that generate employment opportunities. At the same time, he specifically points to the livestock sector, with a focus on the dairy industry, as pivotal in addressing longstanding farmer-herder clashes and enhancing national security.
He also underscores the significance of the mining sector, urging the government to attract foreign investment to bolster the socio-economic welfare of the citizens.
The ACCI President urges the government to maintain its pro-business policies aimed at enhancing the ease of doing business adding that these policies include the streamlining of tax procedures, swift implementation of new minimum wage standards to boost consumer purchasing power, addressing the prevailing insecurity concerns, and ensuring a stable power supply.
“These measures are anticipated to alleviate the cost of production, ultimately positioning the country as an attractive investment destination.”
The President expresses optimism about the nation’s economic prospects, citing the impending commencement of operations at the Dangote Refinery and other refineries.
He believes 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, urging 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.
Chief Emeka Obegolu, SAN, PhD.
President of ACCI.