Stabilise economy for improved living condition, FG warned

The Lagos Chamber of Commerce and Industry has expressed grave concern over the persistent rise in inflationary pressure and food crisis, urging the government to stabilise the economy to save the lives of millions of citizens.The Lagos Chamber of Commerce and Industry has expressed grave concern over the persistent rise in inflationary pressure and food crisis, urging the government to stabilise the economy to save the lives of millions of citizens.

Recent data released by the Nigerian Bureau of Statistics , indicate a worrying trend, with the headline inflation rate reaching 31.7 per cent in February, a significant increase from the previous month’s rate of 29.9 per cent. It advocated collaboration between the CBN, Federal Ministry of Agriculture and Food Security, state ministries of agriculture, agricultural extension services, research institutions and farmer cooperatives on relevant schemes to boost food production.

Meanwhile, a local manufacturer, Muideen Ibrahim, has urged the Federal Government to declare a state of emergency in the manufacturing sector to revamp the economy. “Power supply is very key and the importance of power to sustainable production cannot be overemphasised. So, the government should fix power as a matter of utmost urgency. Many manufacturers have closed shop due to the poor power supply. Unfortunately, diesel prices have skyrocketed to N1,600 per litre or more, depending on location.

He also urged the government to call for round table discussions with the manufacturers occasionally to assess their pain points and chart the way forward for the sector.Before flagging, please keep in mind that Disqus does not moderate communities. Your username will be shown to the moderator, so you should only flag this comment for one of the reasons listed above.

The Debt Management Office said it raised N475.67 billion from the March 2024 Federal Government bond offer, slightly more than the N450 billion it had planned to raise.

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