The Lagos Chamber of Commerce and Industry (LCCI) yesterday expressed grave concerns over the persistent rise in inflation, saying the inflationary surge poses a "Significant challenge to the economic wellbeing of Nigerians."
Data released by the National Bureau of Statistics (NBS) last week showed the headline inflation rate reaching 31.70% in February 2024, marking a significant increase from the previous month's rate of 29.90%.
LCCI Director General, Dr. Chinyere Almona called on the federal government to harmonise "Its fiscal and monetary instruments to tackle the cost of agricultural production, enhance food processing, and sustain the fight against insecurity" to tackle the rising inflation.
She highlighted various steps to tackle the challenges, calling on the authorities to prioritise smallholder farmers and vulnerable groups, including women and youth, for targeted assistance.
"There should be strong collaboration between the CBN, Federal Ministry of Agriculture and Food Security, state ministries of agriculture, agricultural extension services, research institutions, and farmer cooperatives."
