LCCI Urges Government To Address Rising Inflation In Nigeria

The Lagos chamber of commerce and industry (LCCI) has disclosed that if the government fails to intervene in the rising inflation in Nigeria, it may continue into the end of the year.

According to a statement signed by Chinyere Almona, LCCI Director-General, the agency said a major worry is that inflation is constraining production, causing job losses, and courting an imminent recession.

The statement reads in part, ”The LCCI has consistently recommended the need for special interventions in critical sectors and especially focusing on subsidising production to reduce the burden of the rising cost of production.

“The reversal of the Central Bank of Nigeria’s concessionary interest rate of five per cent on its intervention loans to nine per cent effective July 20, 2022, does not show sensitivity to the burdens on businesses at this time when we struggle with sourcing forex, rising fuel costs, and massive disruptions to production lines due to insecurity.

“We urge the CBN to look beyond hiking rates to taking definite and articulated actions that address the factors driving the inflationary pressures.

"This is a warning signal of massive food waste in some parts and scarcity in others.

“Government should offer a targeted intervention for the movement of food items from production areas to high-demand areas to cushion inflationary pressures.”