Friday, September 24, 2021

    Experts urge FG to support productive sector

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

    By Simon Akoje
    Lagos, July 20, 2021 Financial experts have urged the Federal Government to enhance productive sector support in order to boost output and check inflationary pressure.
    They disclosed this in separate interviews with newsmen on Tuesday in Lagos.
    They said that ensuring more support to local manufacturers would spur economic growth and curb inflation.
    The founder, Independent Shareholders Association of Nigeria, Mr Sunny Nwosu, said the Federal Government should tackle inflation by ensuring availability of foreign exchange to the productive sector.
    “ The apex bank should endeavour to give quoted companies adequate volume of foreign exchange and in good time for their transactions.
    “ As this will enable them to produce at optimal levels and substitute imported goods locally,” he said.
    He noted the Federal Government should continue to address the various headwinds in the electricity sector so as to reduce cost of production.
    Mr Godwin Anono, President, Standard Shareholders Association of Nigeria, said inflation rate would reduce if raw materials for productions were sourced locally.
    “Most of the raw materials used in producing are imported, particularly in this tough time of the COVID- 19 era.
    “Accessing them have been quite challenging and exorbitant for most organisation, “ Anono said.
    Also speaking, the Executive Director, Bee Institute, Mr Bidemi Ojelewe, said the government should resolve the insecurity in the country so as not to impede food supplies.
    “The farmers and herders crises in some parts of the country is partially responsible for the insufficient farm produce.
    “Food produce is one of the major factors that drives the spike in inflation rate,” Ojelewe said
    The National Bureau of Statistics says the consumer price index which measures inflation (rate of change in the increase in prices) increased by 17.75 per cent (year-on-year) in June.
    This is said to be 0.18 percentage points lower than the rate recorded in May (17.93) per cent.
    This implies that prices continued to rise in June but at a slightly slower rise than it did in May.

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