The Abuja Chamber of Commerce and Industries (ACCI) has urged President Bola Tinubu to take appropriate measures in tackling the high inflationary trend squeezing businesses in the country.
President of the group, Dr Emeka Obegolu, who disclosed this while speaking to newsmen, asserted that the present inflation was really driving down businesses, decrying the daunting challenges experienced by entrepreneurs.
According to him, the inflationary situation has been worsened by food inflation which currently stands at 33.93 per cent.
Obegolu said the situation demands that the Tinubu-led administration takes decisive measures to curb the surge in inflation across the nation.
He also advocated implementing strategic interventions to counter the inflationary trends, deepened by the removal of fuel subsidy and other impediments hindering the smooth conduct of business operations.
The ACCI boss also emphasised the need for the government to fortify the production value chain, particularly in sectors that generate employment opportunities, specifically the livestock sector, with focus on the dairy industry, which is pivotal to addressing the longstanding farmer-herder clashes and enhancing national security.
He said the significance of the mining sector could not be over-emphasised, asking the Federal Government to attract foreign investment, to bolster the socio-economic welfare of the citizens.
Obegolu called on Tinubu to maintain pro-business policies that would enhance the ease of doing business, including the streamlining of tax procedures, swift implementation of new minimum wage standards to boost consumer purchasing power, addressing the prevailing insecurity concerns, and ensuring a stable power supply.
He said, “These measures are anticipated to alleviate the cost of production, ultimately positioning the country as an attractive investment destination.
“As Nigeria grapples with a historic surge in inflation, the ACCI’s plea serves as a timely call to action, urging the government to implement robust strategies that will mitigate the economic challenges faced by the nation and pave the way for sustainable growth and development”.
He also expressed optimism about the nation’s economic prospects, citing the impending commencement of operations at Dangote and other refineries.
He said the development would enable the government conserve foreign reserve earnings, thereby facilitating investment in critical sectors of the economy.