Victoria Mgbanwa
The Nigeria Employers’ Consultative Association, NECA, which is the month piece of all businesses in Nigeria and the umbrella body for employers in the country, has urged The Federal Government to Address inflation rate and to promote Economic Stability in the country.
The Director-General, NECA, Mr. Adewale-Smatt Oyerinde, explained this in a statement, titled “Nigeria’s inflation dynamics amid currency appreciation: Need for more supplementary measures”, stating that “While the tightening measures of the Central Bank of Nigeria had led to the recent appreciation of the naira, there was noticeably, a decelerating increase in the recent inflation figure.
“Despite currency appreciation typically dampening inflation by reducing import costs, other factors were exerting stronger upward pressure on prices.
“The latest publication of the Consumer Price Index by the National Bureau of Statistics, NBS, for March 2024 reveals a significant increase in the inflation rate.
”In March 2024, the inflation rate surged to 33.01 per cent, marking a notable uptick from 31.7 per cent recorded in February. This indicates a 1.31 percentage point increase over the period, reflecting the growing inflationary pressures in the economy.
”Moreover, compared to March 2023, the inflation rate rose by 10.97 percentage points, further underscoring the magnitude of the inflationary challenge.”
