The Nigeria Employers’ Consultative Association (NECA) has issued a call to all levels of government, urging them to address the various factors disrupting the food supply chain in the country.
In a statement titled “Nigeria’s inflation dynamics amid currency appreciation: Need for more supplementary measures,” Mr. Adewale-Smatt Oyerinde, the Director-General of NECA, stated the critical need for a holistic approach to tackle inflationary pressures and promote economic stability.
Despite recent efforts by the Central Bank of Nigeria to tighten measures, resulting in the appreciation of the naira, Oyerinde noted a concerning trend of decelerating inflation alongside disruptions in the food supply chain.
The latest data from the National Bureau of Statistics (NBS) for March 2024 revealed an increase in the inflation rate, surging to 33.01 percent, up from 31.7 percent in February.
This represents 1.31 percentage point increase within the period, signaling mounting inflationary pressures within the economy. Moreover, compared to March 2023, the inflation rate has risen by 10.97 percentage points.
NECA’s plea for government intervention comes amidst concerns over the destabilizing impact of disrupted food supply chains on the country’s economy and the well-being of its citizens.
The organization stressed the urgent need for policymakers to implement effective measures to address the root causes of these disruptions and ensure the uninterrupted flow of essential food items to the market.
