The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) wants government to accelerate effective implementation of all stimulus packages and interventions funds to support the production processes of the real sector.
Amb. Ayoola Olukanni, Director-General, NACCIMA, gave the advice in a statement on Monday in Lagos, in reaction to the October 2020 inflation rate of 14.23 per cent.
The News Agency of Nigeria (NAN) reports that National Bureau of Statistics (NBS) presented an inflation rate of 14.23 per cent, indicating a 14-month continuous increase in price levels.
Olukanni said the inflation was consistent with the chamber’s expectations due to some economic factors.
He listed the factors to include the closure of land borders, the COVID-19 pandemic, the EndSARS protests and civil unrest.
According to him, all these have contributed to the negative impact on production and consumption in the Nigerian economy.
The NACCIMA DG said it had therefore become intuitive that attaining food security at this time would go a long way to stabilizing general prices.
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“The NBS Consumer Price Index Report of October 2020 also shows that the rising inflation is primarily driven by the high cost of food items.
“Inflation rate (food items, year-on-year change) stands at 17.38 per cent, rising consistently for the past 14 months.
“If left unabated, the erosion of the purchasing power of the average Nigerian in an environment characterized by high unemployment rates and declining national output may plunge the country into an economic depression.
“We, once again, counsel government at all levels to accelerate the effective implementation of all stimulus packages and intervention funds, while also promoting the spending power of the average Nigerian,” he said. (NAN)
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