The Lagos Chamber of Commerce and Industry (LCCI) has expressed deep concerns regarding the continuous rise in inflation, stating that it poses a significant threat to the economic welfare of Nigerians. According to data from the National Bureau of Statistics (NBS), the headline inflation rate surged to 31.70% in February 2024, a notable increase from the previous month’s rate of 29.90%.
Dr. Chinyere Almona, Director General of LCCI, urged the federal government to align its fiscal and monetary policies to address the high cost of agricultural production, promote food processing, and sustain efforts to combat insecurity, all of which contribute to rising inflation.
She emphasized the importance of prioritizing support for smallholder farmers and vulnerable groups, such as women and youth, through targeted assistance programs. By addressing key challenges in agriculture, food processing, and security, the government can work towards stabilizing prices and ensuring economic stability for all citizens.
Source: Daily Trust