In order to overcome the situation, the Nigeria Employers’ Consultative Association (NECA) has urged the Central Bank of Nigeria (CBN) to maintain effective foreign exchange management by appropriately intervening in the market.
The employers’ organization demanded that the monetary authority modify the present reduction of money in circulation to an ideal amount that will stabilize the economy, even as it called for a dramatic reassessment of policy positions. Adewale-Smatt Oyerinde, the Director-General of NECA, made this statement in response to the most recent inflation figures yesterday.
Oyerinde claims that at 33.93 percent, food inflation was the largest contributor to the month-over-month increase in inflation. In general, he said, the government ought to take the initiative to fulfill its budgetary commitment to raise agricultural output in 2024.
To increase food production and local raw material output, the NECA chief stated that the government must support resource-based industrialization and backward integration.
He claims that doing this will save foreign exchange by lowering the importation of goods related to food and raw materials. He insisted that in order to boost food production, the government needed improve infrastructure, invest in sustainable farming practices, and restore peace to places torn apart by crises.
He claimed it was obvious that growing food prices would worsen food insecurity, burden household finances even more, and reduce living standards.
