The Nigeria Employers’ Consultative Association, NECA, has asked the government at all levels to address factors disrupting food supply, among others to resolve the worsening food crisis confronting the country.
NECA, the acclaimed voice of business in Nigeria and the umbrella body for employers in the country pleaded with the nation’s policymakers to adopt a holistic approach to address inflationary pressures and promote economic stability.
In a statement titled “Nigeria’s inflation dynamics amid currency appreciation: Need for more supplementary measures”, NECA’s Director-General, Adewale-Smatt Oyerinde, noted that while the tightening measures of the Central Bank of Nigeria have led to the recent appreciation of the Naira, there is, noticeable a decelerating increase in the recent inflation figure.
He lamented that despite currency appreciation typically dampening inflation by reducing import costs, other factors are exerting stronger upward pressure on prices.