LAGOS, Nigeria (VOICE OF NAIJA)-Nigeria Economy Consultative Association (NECA) has advised the Federal Government to adopt an all-inclusive measures to control the surge in prices of consumer goods and promote economic stability.
According to NECA, reviving economy calls for more supplementary measures like the implementation of prudent monetary and fiscal policies to address supply-side constraints, enhance productivity, and stimulate investment in critical sectors such as agriculture and infrastructure.
In a statement, the Director-General of NECA, Mr Adewale Smart Oyerinde, said though the naira has appreciated following recent monetary policy reforms by the apex bank, there is still more to do to widen the supply chain of food in order to decelerate current inflation figure.
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Oyerinde said: “Despite currency appreciation typically dampening inflation by reducing import costs, other factors are exerting stronger upward pressure on prices.
“Supply chain disruptions, logistical challenges, and rising production costs continue to drive up prices across various sectors, amplifying inflationary expectations.
“However, there is hope that once the Dangote Refinery commences production and distribution of petroleum products, transportation costs and other production expenses will significantly reduce.
“Additionally, fostering a conducive business environment, encouraging innovation, and promoting competition can help mitigate inflationary pressures in the long term.”
Additionally, Oyerinde urged the government’s to adopt holistic approach at all levels to address factors that encourages price gouging, disruption of food supply, support local production and maintain a balance monetary and fiscal policies to effectively counter inflation.