Tuesday, July 27, 2021

    Fix critical infrastructure to tackle food inflation, expert urges FG

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    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    By Simon Akoje
    Lagos, June 18, 2021 An agriculture cconomist, Mr Nnamdi Ifenkwe, has urged the Federal Government to fix critical infrastructure responsible for the food-induced inflation to guarantee sufficiency.
    Ifenkwe, a Senior Manager with Nissi Agro Allied Services, made the call in an interview with newsmen in Lagos on Friday.
    He said fixing major roads leading to various farm settlements in the country would increase food supply and also curb inflation.
    Ifenkwe added that the Federal Government should continue to address logistic challenges in the agriculture sector to boost food production.
    The expert explained that the security of farmers should be ensured, especially in the hinterlands in order not to jeopardise food security.
    According to him, security challenges being faced by farmers need to be addressed to tame food-induced inflation.
    He added that farmers should be encouraged to embrace mechanised agriculture to boost food production.
    Ifenkwe suggested that the three tiers of government should subsidise the cost of transport for farmers’ associations through incentives to tackle inflation.
    NAN reports that Nigeria’s inflation rate dropped further for the second consecutive month to stand at 17.93 per cent in May, from 18.12 per cent recorded in April.
    This is contained in the Consumer Price Index (CPI) report released recently by the National Bureau of Statistics.
    According to the report, the CPI which measures the inflation rate, increased by 17.93 per cent (year-on-year) in May.
    This is 0.19 per cent points lower than the rate recorded in April (18.12 per cent).

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