Business
Economist Tasks CBN On Inflation Rate
An economist, Dr Uju Ogubunka, has appealed to the Central Bank of Nigeria (CBN) to sustain the steady fall in inflation rate particularly in the months preceding the 2019 General Elections.
Ogubunka, a former Executive Secretary, Chartered Institute of Bankers of Nigeria (CIBN), made the appeal in an interview with The Tide source in Lagos, yesterday.
According to the economist, the apex bank should ensure that influx of huge sums of money, which normally precedes an election year, does not reverse the inflation rate.
“We expect that the inflation rate, which has been on a steady decline for the last 13 months, will not begin to rise again due to electioneering spending.
“I hope the apex bank will use its monetary policy more to sustain the gains it has made,” he said.
He lauded the Federal Government for interventions in the Investment and Export windows, and urged it to continue with the trend to give manufacturers more access to foreign exchange.
Ogubunka said that the government should urgently ensure security in the Benue and other states to guarantee continuous fall in food prices.
“Government should try to ensure peace by resolving the crisis between farmers and pastoralists in the Middle Belt and North-East because they are the food baskets of this country.
“The country needs peace to attain food security and to be a net exporter of agricultural produce in no distant future.
“More tax rebate should be in place for investors interested in agro-processing business, and they should be able to obtain loan on a single-digit interest rate,’’ he said.
The economist added that there should be a centre where fabricated machines for agriculture would be made.
“These and few others are what the investor needs to excel in business and contribute his quota to the growth of the economy,” he said.
Our source reports that the Nigeria’s annual inflation rate fell for the 13th consecutive time in February, according to the National Bureau of Statistics (NBS).
An NBS report showed that the core inflation fell to 14.33 per cent from 15.3 per cent in January while the food price index indicated inflation of 17.59 per cent in February as against 18.92 per cent in January.