Abuja Chamber of Commerce seeks solutions to high inflation rate
The Abuja Chamber of Commerce and Industry (ACCI) has appealed to the federal government to address the fundamental causes of rising inflation rates.
The president of ACCI, Dr Al-Mujtaba Abubakar, made the appeal in a statement on Thursday in Abuja.
He urged the federal government to create a more positive business climate in the country.
Mr Abubakar expressed concern that in spite of government efforts, the inflation rate was on the increase.
According to the National Bureau of Statistics (NBS), in Feb., the headline inflation rate rose to 21.91 per cent compared to Jan. 2023 headline inflation rate which was 21.82 per cent.
It showed an increase of 0.09 per cent points when compared to Jan. headline inflation rate.
“While we appreciate the efforts of the administration to tame the increasing inflation rate, we note that the situation was far from improving.
“This has complicated the business climate and deepened the challenges facing small-scale businesses.
“The increase can be attributed mainly to the fuel scarcity being experienced in the country, where many resolve to buy at black market rate,” he said.
He said that the price per litre of petrol goes for between N400 and N700 depending on where you are buying from.
“This occurrence tends to have negative effect on businesses as fuel and diesel are the major source of energy for running businesses.
“This invariably leads to the spike in the cost of production coupled with logistic issues that has been compounded by insecurity,’’ Mr Abubakar said.
“The government should implement business-friendly policies unlike the cash swap policy that negatively affected businesses, especially the Micro Small and Medium Enterprises (MSMEs),” he said.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Sport
Ministry signs N35 billion MoU with firm for sports development
Mr Enoh said that the partnership would help to inject funding into sports development from the private sector.
Economy
Kerosene price stood at N1,354.40 in March: NBS
It said the South-South recorded the lowest average retail price per litre of kerosene at N1,273.07.
States
Gov. Ododo warns against breach of peace
My administration will no doubt resist any attempt to instigate violent protests in any part of the state under any guise
Heading 2
Okuama Killings: Senator commends DHQ for release of detained traditional ruler
The king was released on Friday by the Defence Headquarters after spending about three weeks in the military custody.
Heading 3
Court adjourns Nnamdi Kanu’s N1 billion suit against FG for adoption of processes
Mr Benye said the instant suit was an abuse of court process.
Heading 5
Two die in Ilaro-Owode road crash
She said that a total number of seven people were involved, which comprised four men and three women.