The Nigeria Employers’ Consultative Association (NECA) has called on the Central Bank of Nigeria (CBN) to sustain productive foreign exchange management through adequate intervention in the market to address the crisis.
The employers’ body, while calling for a drastic review in policy stance, also urged that the monetary authority adjust its current reduction of money in circulation to an optimum quantum that will stabilise the economy.
Director-General of NECA, Adewale-Smatt Oyerinde, said this yesterday while reacting to the new inflation data.
According to Oyerinde, food Inflation contributed the highest to the increase in inflation during the month as it stood at 33.93 per cent.
He said the government, in broad terms, should be proactive in its promise of an increase in agricultural production as contained in the 2024 budget.
The NECA chief said there was also the need for the government to embrace backward integration and resource-based industrialisation to improve food and domestic production of raw materials.
This, according to him, will reduce the importation of food-related items and raw-materials items and conserve FX.
He maintained that the government should restore peace in crisis-ridden areas, invest in sustainable agricultural methods and upgrade infrastructure to increase food production.
He said it was evident that the rising food cost would further put a strain on household budgets, elevate food insecurity and lower standard of living.
