Financial Experts Recommend Ways to Tackle Inflation in Nigeria

A financial expert, Dr Samuel Nzekwe, has advised the Federal Government to fully diversify the economy and provide an enabling environment for the productive sector to thrive to stem the inflation trend.

Nzekwe, who is also a former President, Association of National Accountants of Nigeria (ANAN), gave the advice while speaking with the News Agency of Nigeria (NAN) on Sunday in Ota, Ogun.

According to National Bureau of Statistics (NBS), the inflation rate in the country has increased from 28.20 per cent to 28.92 per cent.

Nzekwe said that diversifying the economy totally from over-reliance on oil and creating an enabling environment for the productive sector to thrive would not only stem the inflationary trend but would also reduce pressure on the currency.

This, he said, would shift the country from being a mono-product nation to multiple streams of products where the nation would reduce heavy dependence on imported goods.

“The Federal Government urgently needs to put more formidable measures in place to address the security challenges like kidnapping and banditry in parts of the country.

“There are some northern states where farmers pay taxes to bandits before they are allowed to go to their farms.

“This has also adversely affected food production,” he said.

Nzekwe also emphasised regular power supply to boost local production of goods and services.

February 11, 2024