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Abuja Chamber of Commerce seeks solutions to high inflation rate

This has complicated the business climate and deepened the challenges facing small-scale businesses.

• March 16, 2023
Foodstuff
Foodstuffs [Credit: Premium Times Nigeria]

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)

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