Monday, October 2, 2023

Inflation: Experts ask Buhari regime to address supply shocks in economy

Nigeria’s inflation rate rose to 15.92 per cent in March.

• April 20, 2022
President Muhammadu Buhari (Photo Credit – Garba Shehu facebook page)

An economist, Bright Eregha, has urged President Muhammadu Buhari’s regime to address supply constraints in productive sectors of the economy to prevent the inflation rate from further rising.

Mr Eregha, who teaches Economics at the Pan Atlantic University, said that the scarcity of foreign exchange remained a challenge affecting the growth of the productive sectors.

“The government must improve the business climate and ensure that the foreign exchange market is more stable.

“The volatility currently being experienced is negating the purchase of production inputs and acquisition of machinery,” he said.

Mr Eregha noted that the inflation rate that the country was contending with was more of a cost-push, saying it must be tackled decisively.

He also said that the logistics cost was another factor responsible for the rise in inflation rate.

Also, Okechukwu Unegbu, former president, Chartered Institute of Bankers of Nigeria (CIBN), said that the federal government should endeavour to guarantee adequate security for farmers.

“Particularly for smallholder farmers to cultivate and adequate their farm produce to major food markets in urban areas.

“An uninterrupted food supply will check the food induced inflation while post-harvest losses  should be more efficiently managed,” he said.

He noted that the apex bank should extend the anchor borrowers schemes, so as to achieve food security in the country.

Nigeria’s inflation rate rose to 15.92 per cent in March, a 0.22 per cent rise compared to 15.7 per cent recorded in February, according to the National Bureau of Statistics (NBS).

In its Consumer Price Index (CPI) the Bureau said the rise in food index was due to increase in prices of bread and cereals, tubers, fish, meat, oils and fats.


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