James Emejo in Abuja
The President, Abuja Chamber of Commerce and Industry (ACCI), Chief Emeka Obegolu,
has called on the federal government to take decisive measures to curb the surge in inflation across the country.
He called for implementation of strategic interventions to counter the inflationary trends deepened by the removal of fuel subsidies as well as remove other impediments hindering the smooth conduct of business operations.
In a statement, the ACCI president noted that the inflation report from December
revealed an 11th consecutive increase, reaching 28.92 per cent which is the highest inflation rate in two decades.
Furthermore, the report highlighted a surge in food inflation, reaching 33.93 per cent.
Obegolu, stressed the need for the government to fortify the production value chain, particularly in sectors that generate employment opportunities.
Specifically, he called for intervention in the livestock sector, with a focus on the dairy industry, as pivotal in addressing longstanding farmer-herder clashes and enhancing national security.
He also underscores the significance of the mining sector, urging the government to attract foreign investment to bolster the socio-economic welfare of the citizens.
The ACCI president urged the government to maintain its pro-business policies aimed at enhancing the ease of doing business.
According to him, these policies include the streamlining of tax procedures, swift implementation of new minimum wage standards to boost consumer purchasing power, addressing the prevailing insecurity concerns, and ensuring a stable power supply.
He said, “These measures are anticipated to alleviate the cost of production, ultimately positioning the country as an attractive investment destination.”
He, however, expressed optimism about the nation’s economic prospects, citing the impending commencement of operations at the Dangote Refinery and other refineries.
He believed that the development will enable the government to conserve foreign reserve earnings, thereby facilitating investment in critical sectors of the economy.
