The Lagos Chamber of Commerce and Industry (LCCI) has urged the Central Bank of Nigeria to pause interest rate hikes to relieve the pressures on the supply side affecting inflation.
Businesses operating in Nigeria are also expected to adopt more cost-cutting strategies including downsizing staff count and also more local sourcing of raw materials to deal with the rising inflation.
This was disclosed in a statement by Dr Chinyere Almona, Director-General, LCCI, on Monday reacting to the recent inflation report of 25.80%.
Dr Almona said, “The Lagos Chamber of Commerce and Industry recommends government implement prudent fiscal policy measures.
“This is particularly in terms of borrowings as well as addressing the challenge of food inflation by immediately reducing and removing tax on basic food items to protect the most vulnerable
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