21st March 2024
PRESS RELEASE
Inflation: ACCI Urges Government to Strengthen Fiscal Sector
The Abuja Chamber of Commerce and Industry (ACCI) has issued a call to action for the Federal Government to strengthen the fiscal sector of the economy, amidst concerning inflation figures released by the National Bureau of Statistics for February 2024.
According to the latest report, inflation surged to 31.70 percent in February, marking a notable increase from the 29.90 percent recorded in January 2024, representing a 1.80 percent rise.
Reacting to these figures, the President of ACCI, Chief Emeka Obegolu SAN, PhD emphasised the urgent need for governmental interventions to fortify the fiscal landscape, crucial for propelling the nation towards industrialization.
Chief Obegolu, SAN, PhD underscored the pivotal role of the agricultural sector in curbing inflation, urging the prioritization of mechanization initiatives to enhance productivity while also advocating for the promotion of cluster farming in rural communities, emphasizing the importance of active processing Centres to streamline production processes.
He added that addressing challenges such as banditry and economic sabotage is imperative to attract investors to the agricultural sector and stimulate economic growth nationwide.
Highlighting the dairy sector’s significance, Chief Obegolu, SAN, PhD advocated for the establishment of milk collection Centres and grazing reserves to mitigate farmer-herder conflicts and reduce reliance on imported dairy products. Such measures, he noted, are essential for achieving self-sufficiency in milk production and ensuring food security.
Addressing the energy sector, Chief Obegolu stressed the need for significant improvements to the power infrastructure to alleviate the burden of high production costs caused by electricity shortages. Enhancing access to electricity across the country is paramount to reducing the cost of living and mitigating inflationary pressures.
Despite the current challenges, Chief Obegolu expressed optimism about the nation’s resilience, citing impending critical projects that are poised to alleviate hardships faced by Nigerians.
He invited stakeholders and concerned citizens to participate in a roundtable discussion on “Strengthening Naira,” scheduled for the 24th of April 2024 at the ACCI premises.
The meeting aims to explore actionable strategies for revitalizing the economy and fostering sustainable growth.
Olayemi John-Mensah
ACCI Media/Strategy Officer