CPPE proffers solution to Nigeria’s soaring inflation
The Centre for the Promotion of Private Enterprise has unveiled solutions to tackling Nigeria’s rising inflation.
The Director of CPPE, Dr Muda Yusuf, disclosed this while reacting to the country’s July headline inflation figure, which stood at 24.08 per cent against 22.79 per cent the previous month.
According to the National Bureau of Statistics’s July Consumer Price Index, food inflation jumped to 26.98 per cent.
Yusuf said the crisis in the foreign exchange market, fuel subsidy removal policy, hike in energy cost, insecurity and logistics challenges should be blamed for Nigeria’s untamed state of inflation.
According to him, the country’s inflation rate is largely caused by supply and policy concerns.
He urged the federal government to fix production challenges, stabilize the forex market, tackle insecurity, accelerate efforts to domestic refining petroleum products and fiscal reforms.
“Tackling inflation requires urgent government intervention to address the challenges bedevilling the supply side of the economy.
“…To relieve producers and citizens, the government should tweak the tariff policies by granting concessionary import duty on intermediate products for industrialists, especially those in the food processing segments of the agriculture value chain”, he stated.