Nigeria’s business community is sounding the alarm as inflation wreaks havoc, with the Abuja Chamber of Commerce and Industries (ACCI) making a desperate plea to President Bola Tinubu for immediate action.
Squeezed by a staggering 33.93% food inflation rate and a confluence of market challenges, businesses are struggling to stay afloat. The ACCI paints a grim picture of rising costs, dwindling profits, and dampened economic activity.
“The present inflation is really driving down businesses,” declared ACCI president Dr. Emeka Obegolu, urging the Tinubu administration to prioritize curbing the price spiral. He called for strategic interventions to boost production, ease operational hurdles, and fortify key sectors like livestock and mining.
Specific proposals include strengthening the dairy industry within the livestock sector, a move seen as crucial not only for job creation but also for addressing the long-standing farmer-herder clashes that threaten national security. Attracting foreign investment to the mining sector is another key recommendation, with the potential to bolster socio-economic development.
Beyond sector-specific solutions, the ACCI is pushing for broader pro-business reforms. Streamlined tax procedures, swift implementation of the new minimum wage to boost consumer purchasing power, and improved security and power supply are all seen as essential to lowering production costs and attracting investment.
“These measures are anticipated to alleviate the cost of production, ultimately positioning the country as an attractive investment destination,” Obegolu emphasized.
Despite the current hardship, the ACCI is not without hope. The group expressed optimism about Nigeria’s future, citing the upcoming launch of Dangote and other refineries. These developments, they believe, will free up foreign reserves, enabling the government to invest in critical sectors and drive sustainable growth.
Nigeria’s economic plight is undeniable, and the ACCI’s plea serves as a stark reminder of the urgency of decisive action. Whether President Tinubu heeds their call and implements effective measures to tame inflation and revive businesses remains to be seen. The coming months will be crucial in determining the fate of Nigeria’s struggling economy.
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