Experts proffer ways of checking rising food inflation


Lagos, March 30, 2023 Some financial analysts have urged the Federal Government to adopt innovative polices that could deepen its support for local manufacturers to enhance their output and curb rising inflation.

In separate interviews with Naija247news in Lagos on Thursday, they said that such policies would help to address disruption in food supplies and ensure the nation achieve food sufficiency.

Prof. Bright Eregha, Department of Economics, Pan Atlantic University, urged the federal government to strengthen local producers with macro economic policies.

“The current inflation rate, being experienced, is more of cost push and it indicates increases in the cost of raw materials for production.

“This is negating local production and relying on imported commodities with its adverse consequences to the economy,” Eregha said.

He noted that the intervention by the Central Bank of Nigeria (CBN) to fund the federal government budget deficit over time was another factor triggering the inflationary optic.

The professor also said that the incessant increasing cost of petrol was worsening by the inflation rise and urges the federal government to support the building of more private petrol chemical plants.

“This ensures its availability and reduces the volume of foreign exchange expended on its importation.

“Which has become one of the causes of rising inflation in the country in recent times,” Eregha said.

Also, Mr Okechukwu Unegbu, former President, Chartered Institute of Bankers of Nigeria (CIBN), said the federal government should do more in enhancing local producers.

“Supporting them with adequate foreign exchange to acquire machinery and production inputs is imperative to operate optimally.

“Then, they can commence more manufacturing of imported commodities locally and expand their capacity in the process,” Unegbu said.

He noted that the government could contain inflation by investing in the right environment and key infrastructure that would boost productivity.

“More investment in regular electricity and workable transportation would grow the economy.

“Over time, the exorbitant cost of commodities will begin to dip because there would be too many produced goods locally,” Unegbu said.

Also, speaking Mr Bidemi Ojelewe, Director, Agric Bee Institute, urged the government to address the disruption in food supplies to check the rising inflation.

“The interruptions in food supplies currently is caused by banditry and herders farmers crisis in many of our farming communities which my humble self is a victim.

“The federal government needs to engender peace in many of our farm settlement to guarantee food supplies and reduce spikes in inflation rate,” Ojelewe said.

He noted that the climate change challenges was another factor undermining the quest to achieve self sufficiency in food produce.

This, Ojelewe said, often result to desertification in farming settlement or intense rainfalls washing away food produce.

Naija247news reports headline inflation rose to 21.91 per cent in February which is the highest in 18 years.

Data from the National Bureau of Statistics (NBS) revealed that this is the second consecutive month inflation is rising in the year after it fell in December 2022, after an 11-month rise.

In January, inflation rose to 21.82 per cent from the 21.34 per cent that was recorded in December 2022.

The NBS disclosed that increases in the price of bread, cereal, rent, potatoes, yam, tubers, vegetables, and meat drove inflation up in February.

Gbenga Samson
Gbenga Samson
Samson Gbenga Salau [Editorial Board Adviser] Gbenga Samuel Salau is a professional journalist with over 17 years experience in journalism, he is a graduate of Communication and Language Arts, University of Ibadan. On completion of his youth service, he joined The Guardian as a freelance journalist and was later absorbed as a staff. While in the University, he was a campus journalist reporting for the Independence Hall and Faculty of Arts Press Clubs. As a campus journalist, he won the following awards; Independence Hall Press Best News writer; University of Ibadan Union of Campus Journalists’ Best News Reporter/Writer; First Runner-up, Reuben Abati Award for Investigative Journalism; Association of Faculty of Arts Students’ Press Best Reporter; University of Ibadan Union of Campus Journalists’ Best Political Writer; Winner, Reuben Abati Award for Investigative Journalism, and University of Ibadan Union of Campus Journalists’ Best Interviewer. He served the Association of Communication and Language Arts Students, as the Public Relation Officer, the same year he was appointed the News Editor of the Association of Faculty of Arts Students Press. The following session, he was made the General Editor, and a member of the 13-man University of Ibadan Students’ Union Transition Committee. As a reporter in The Guardian, in 2014, he won the Promasidor Quill Award Best Report on Nutrition and DAME Business Reporting category. In the 2015 edition of the Promasidor Quill Award, he won the best Report on Nutrition and Brand Advocate Categories, while in 2016, he won the NMMA Print Journalist of the Year, first runner-up Golden Pen Reporter of the Year and SERAs CSR Awards. Gbenga Salau loves traveling, reading, and listening to songs with good lyrics no matter the genre.

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