The Abuja Chamber of Commerce and Industry (ACCI), has called on the Federal Government to take decisive measures to curb the rising inflation in the country.
The President of ACCI, Mr Emeka Obegolu, made the call in a statement on Saturday in Abuja.
He also advocated the implementation of strategic interventions to counter the inflationary trends in the country.
According to Obegolu, the country’s inflation rate deepened due to the removal of fuel subsidy and other impediments hindering smooth conduct of business operations.
“This statement aligns with 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 per cent, marking the highest inflation rate in two decades.
“Furthermore, the report highlights a surge in food inflation, reaching 33.93 per cent,” he said.
BRANDPOWER reports that Obegolu urged government to fortify the production value chain, particularly in sectors that generated employment opportunities.
According to him, the livestock sector, especially the dairy industry, can address the long standing farmer-herder clashes and enhance national security.
Obegolu urged the government to attract more foreign investment to bolster the socio-economic welfare of the citizens.
The ACCI president urged the government to maintain its pro-business policies aimed at enhancing ease of doing business.
He said the policies included streamlining tax procedures, swift implementation of new minimum wage standards to boost consumer purchasing power.
Others are addressing the prevailing insecurity concerns and ensuring a stable power supply.
According to Obegolu, these measures are anticipated to alleviate the cost of production, ultimately positioning the country as an attractive investment destination.
The president expressed optimism that the nation’s economy would prosper with the commencement of operations at the Dangote Refinery and other refineries.
“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 government to implement robust strategies that will mitigate the economic challenges faced by the nation and pave the way for sustainable growth and development,” he said.