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Author: Simon Akoje

  • CITAN President, others proffer ways to check inflation rate

     

    Inflation
    By Simon Akoje

    Lagos, June 24, 2024 (NAN) Some experts have urged the Federal Government to support the establishment of more refined petroleum plants and agricultural intervention schemes in the country.

     

    According to them, this will help check the rising inflation rate and ameliorate the current economic hardship.

     

    They expressed their views in separate interviews with the News Agency of Nigeria (NAN) in Lagos on Monday.

     

    Mr Samuel Agbelaye, President of the Chartered Institute of Taxation of Nigeria (CITN), emphasised the importance of having more refined petroleum plants locally to control inflation.

     

    “The establishment of the Dangote refinery and other privately-owned petroleum plants will enable the country to achieve self-sufficiency and reduce the volume of foreign exchange expended on imports.

     

    “Consequently, Nigeria could become a net exporter of refined petroleum products, earning more foreign exchange in the process,” Agbelaye said.

     

    He noted that the Central Bank of Nigeria (CBN) cannot continue to raise interest rates in an attempt to curb inflation due to the country’s unique economic circumstances.

     

    He added that the federal government should prioritise budget allocations to avoid excessive spending on recurrent expenditures while neglecting capital investments.

     

    “This often exacerbates the current inflation rate because the bulk of disbursements usually do not reach the productive sectors,” Agbelaye explained.

     

    Mr Nnamdi Ifenkwe, Project Coordinator, NISI Agro Allied Services, called for more intervention schemes for farmers.

     

    This is where farmers will be issued soft loans to purchase improved seedlings and receive technical support from agricultural non-governmental organisations.

     

    “This will ensure that the country achieves self-sufficiency in food production and addresses the exorbitant costs,” Ifenkwe said.

     

    He noted that all levels of government should invest more in modern storage facilities to curb post-harvest losses in rural areas.

     

    He added that the federal government should continue to address the insecurity hindering farming in many agrarian states.

     

    “This will enable more youths to engage in mechanised agriculture to earn a living, especially now that there are more innovative ways to enhance agriculture and its entire value chain,” Ifenkwe said.

     

    Dr Muda Yusuf, Chief Executive Officer (CEO) of the Centre for the Promotion of Private Enterprise (CPPE), said that government should entrench fiscal discipline to curb the nation’s rising inflation rate.

     

    “This, particularly, at the sub-national levels of government, where public funds are often not judiciously used, this exacerbates the rising inflation rate because funds are not injected into key sectors of the general economy,” Yusuf said.

     

    NAN reports that Nigeria’s headline inflation rate rose by 0.26 percentage points to 33.95 per cent in May from 33.69 per cent in April.

     

    The National Bureau of Statistics (NBS) disclosed this in its Consumer Price Index (CPI) report for May 2024.

     

    NBS also reported that food inflation increased to 40.66 per cent in May from 40.53 per cent in April.

     

    On a year-on-year basis, the headline inflation rate was 11.54 percentage points higher compared to the rate recorded in May 2023, which was 22.41 per cent. (NAN)(www.nannews.ng)

    STA/AWA
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    Edited by Olawunmi Ashafa

  • Experts urge FG to invest in ICT sector to boost GDP

    Investment
    By Simon Akoje
    Lagos, June 13, 2024 (NAN) Some experts have urged the Federal Government to invest more in Information and Communication Technology (ICT) and manufacturing sector to boost Gross Domestic Products (GDP)
    They gave the advice on Thursday in separate interviews with the News Agency of Nigeria (NAN) in Lagos.
    Prof. Bright Eregha, a Professor of Economics, at the Pan Atlantic University, said the government should accord more priority to the ICT sector to accelerate more growth in the second quarter.
    “The sector has the capacity to facilitate immense economic growth due to the fifth generation network being operated currently.
    “This is achieved where business transaction and the impact of artificial intelligent have simplified contemporary complex issues in the society,’’ Eregha said.
    He noted that the government could ensure more GDP growth in the preceding quarter of the year, by investing in domestic manufacturing.
    “The government should initiate more Public Private Partnership (PPP) schemes that will fix key infrastructure to drive the manufacturing sector because of the impact to our economic development.
    “Countries such as South Africa have been able to revamp their critical infrastructure to boost the productive sector of their economy and Nigeria should not be an exemption,” Eregha said.
    Also, Mr Boniface Okezie, President, Progressive Shareholders Association of Nigeria, said the government should fully implement its all year farming schemes to catalyse economic growth.
    “More efforts should be made to mechanise its farming practices and address the insecurity that is negating the sector.
    “Then, the sector can return to the largest contributor to GDP growth and create employment opportunities for the teaming youths in the hinterland,”Okezi said.
    He said that the Federal Government should also harness the enormous prospects in the solid mineral sector to grow the economy.
    “The solid minerals sector is yet to be exploited commercially for our public good particularly in the North Central zone where there are many minerals and other precious metals in commercial value,” Okezie said.
    According to the National Bureau of Statistics (NBS), Nigeria has recorded a 2.98 per cent growth in GDP in the first quarter of the year.
    This represents a 0.48 percentage point quarter -on-quarter decline in GDP growth when compared with 3.46 per cent growth recorded in the fourth quarter of 2023.
    This growth rate is higher than the 2.31 per cent recorded in the first quarter of 2023 and lower than the fourth quarter of 2023 growth of 3.46 per cent. (NAN)(www.nannews.ng)
    AST/ADA
    Edited by Deji Abdulwahab