The Nigeria Employers’ Consultative Association (NECA) has called on the government at all levels to address the factors disrupting food supply to resolve the worsening food crisis in the country.
NECA, the voice of business in Nigeria and the umbrella body for employers in the country, pleaded with policymakers to adopt a holistic approach to address inflationary pressures and promote economic stability.
In a statement titled “Nigeria’s inflation dynamics amid currency appreciation: Need for more supplementary measures,” NECA’s Director-General, Mr. Adewale-Smatt Oyerinde, noted that while the tightening measures of the Central Bank of Nigeria had led to the recent appreciation of the naira, there was a decelerating increase in the recent inflation figure.
He lamented that despite currency appreciation typically dampening inflation by reducing import costs, other factors were exerting stronger upward pressure on prices.
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“The latest publication of the Consumer Price Index by the National Bureau of Statistics (NBS) for March 2024 reveals a significant increase in the inflation rate. In March 2024, the inflation rate surged to 33.01 percent, marking a notable uptick from 31.7 percent recorded in February.
This indicates a 1.31 percentage point increase over the period, reflecting the growing inflationary pressures in the economy.
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“Moreover, compared to March 2023, the inflation rate rose by 10.97 percentage points, further underscoring the magnitude of the inflationary challenge.”
NECA’s call highlights the urgent need for strategic interventions to stabilize the economy and ensure food security for all Nigerians.