Worried by the low level of productivity in Nigeria, an economist, Mr Emmanuel Eze has called on all tiers of government to urgently encourage more Nigerians into investment in agriculture value chain businesses to contain any upsurge in inflation in future.
Eze, the Chief Executive Officer of Perfecta Investment Company based in Lagos, who gave the advice while interacting with journalists at the Port Harcourt International Airport Omagwa, stated that such became necessary because of what the future holds.
He explained that one of the causes of the rise in the country’s inflation was because of too much demand in foreign exchange for the importation of finished products.
According to him, most of the finished products were in the agriculture value chain business and that it would be better for government to encourage more Nigerians in the agriculture value chain business.
He said that it was wrong for the country to rely always on high price of oil at the international market to contain the rise in inflation, pointing out that the inflation rate will drop drastically so long as the oil price in the international market continue to rise.
“This is because our country is an import-driven economy, so it is easier to stabilize inflation through proceeds from high oil prices. This is the time to produce surplus commodities locally that will crash the prices of goods.
“We have the capacity to change the negative presently, considering our resilience and entrepreneurial drive among the youths.
“The agricultural value chain should be harnessed to address our quest for processed food”, he stated.
Eze reiterated that the continuous investment in utilities would reduce the funds being expended on finished products which had piled pressure on foreign exchange demands.
He also commended government for building and revamping long-term infrastructure, adding that the inflation rate would continue to slide downward if the tempo is sustained.