How to mitigate rising inflation rate – Experts

Financial experts have called on the Federal Government to encourage the establishment of more domestic petroleum refineries and support agricultural production to address Nigeria’s rising inflation rate.

They said this in separate interviews with the News Agency of Nigeria (NAN) in Lagos on Wednesday.

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Mr Moses Igbrude, National Coordinator of the Independent Shareholders Association of Nigeria (ISAN), said boosting local petroleum refining would create a market surplus.

 

Igbrude said that this would reduce the prices of refined products in of spite initial operational challenges.

 

He also emphasised the need for innovative solutions to address transportation costs and improve collaboration between states.

 

Igbrude said that this would help to tackle insecurity affecting food production, especially in farming communities.

 

Similarly, Mr Chris Nemedia, a former Director of Research at the Central Bank of Nigeria (CBN), highlighted the need for favourable macroeconomic policies and infrastructural investments to support local industries.

 

He urged the government to prioritise road network renewal to ease the transportation of farm produce and reduce losses of perishable goods.

 

Mr Nnamdi Ifenkwe, Project Coordinator of Nissi Agro Allied Services, called for measures to stabilise the nation’s currency and subsidise agricultural equipment.

 

He advocated for the establishment of more rice milling plants to boost competition and lower the prices of grains, making them affordable for Nigerians.

 

According to the National Bureau of Statistics (NBS), Nigeria’s inflation rate surged to 33.88 per cent in October 2024, up from 32.70 per cent in September, marking a 1.18 per cent increase month-on-month.

 

On a year-on-year basis, the headline inflation rate rose by 6.55 percentage points from 27.33 per cent in October 2023.