Some economists have suggested diverse ways the federal government can overcome the rising food prices across the country.

The experts made their suggestions in separate interviews following the food inflation rate in Nigeria, which rose month-on-month to 2.0 per cent in April, from 1.62 per cent in January.

Ndubuisi Nwokoma, the director, Centre for Economic Policy Analysis and Research (CEPAR), University of Lagos, urged the government to put a squeeze on credit to the economy by raising rates.

Mr Nwokeoma said the credit squeeze would lead to a tight monetary policy stance, adding that it could be achieved by increasing the MPR and making credit availability less easy.

“Second, the level of uncertainty in the economy hampers the production of goods and services. This is fueled by insecurity and election year effects,” said Mr Nwokoma.

Also, Sheriffdeen Tella, a professor of economics at the Olabisi Onabanjo University, Ago-Ago-Iwoye, Ogun, advised the government to review the macroeconomic policies to promote economic growth through domestic production.

“From the monetary policy side, the financing of budget deficits, particularly financing subsidies by the central bank through the printing of money, while from the fiscal side is rising cost of diesel, electricity and rising consumption taxes.

“These affect the cost of production, reduction in demand and output. Reduced output means high unit cost, which is passed on to selling price.

“Government has to review the macroeconomic policies to promote economic growth through domestic production,” he said.

On his part, Akpan Ekpo, a professor of economics and public policy at the University of Uyo, Akwa Ibom, said there was the need to take advantage of the war between Russia and Ukraine and encourage farmers to produce grains going forward.

“The present surge in prices is due to many factors: farmers are unable to farm because of insecurity; supply chain constraints, government borrowing through ways and means.

“Distortion in the foreign exchange market, imported inflation because of the Russian-Ukraine war, fiscal rascality of government, among others.

“The government should do its utmost best to solve the insecurity so that farmers can produce optimally; palliatives should be given to the poor, including retirees who are merely above the poverty line,” he said.

(NAN)