Nigerians have called on the federal government to implement effective policies to reduce inflation and strengthen the economy.

Many residents of the Federal Capital Territory (FCT) told journalists in Abuja on Sunday that this would lead to economic growth and stability that benefits all citizens.

The National Bureau of Statistics (NBS) recently released the rebased Consumer Price Index Report showing Nigeria’s headline inflation for January 2025 at  24.48 per cent on a year-on-year basis.

The food inflation for January 2025 was 110.03, which resulted in a rate of 26.08 per cent on a year-on-year basis.

The NBS said the increase was mainly driven by food and non-alcoholic beverages, restaurants and, accommodation services and transport.

Kennedy Okoli, a businessman, said inflation was significantly impacting the populace, leading to heightened economic challenges.

Mr Okoli called upon the federal government to take urgent action to effectively address this critical issue with effective and sustainable policies.

He said the rebasing of the CPI was a good idea, but the results did not reflect the current realities.

“Nigerians are hungry, food and transportation costs are on the increase. It may look like things are changing on paper, but the current reality says otherwise,” he said.

Olabisi Samuel, a public servant, said inflation was still increasing, calling on the federal government’s intervention.

Ms Samuel said proper policies and reforms should be implemented to ensure the economy picks up.

“The government must show commitment to people by taking concrete steps and making immediate efforts to improve the economy, and one way is by addressing the issue of inflation,” she said.

Tunde Ajani,  an entrepreneur, said inflation was still on the increase, judging from the prices of goods and services in the market.

Mr Ajani called on the government at all levels to take proactive steps to address inflation, which he said would help reduce the burden Nigerians were facing.

“Insecurity needs to be addressed so farmers can go to their farms, and the cost of transportation needs to also be reduced,” he said.

Nura Idris, a businessman, said small businesses were significantly impacted by the rising inflation, as he called on the federal government to formulate policies to help small businesses.

Mr Nura said small businesses should be given single-digit interest loans to help their businesses stay afloat.

“The government needs to show Nigerians they are serious in addressing the issue of inflation.

“If they can do this, it will also attract investors because nobody wants to invest in an unstable economy,” he said.

Experts continue to call on the federal government to address insecurity and the cost of transportation and adopt mechanised farming to address inflation. 

(NAN)