Tinubu, the Abuja Chamber of Commerce: Businesses are being squeezed by inflation

ABUJA: The Abuja Chamber of Commerce and Industries, or ACCI, alerted President Bola Tinubu to the high inflationary tendency that is straining businesses in Nigeria as the country struggles with a harsh and cruel economy this past weekend.

Dr. Emeka Obegolu, president of ACCI, said this past weekend that the current inflation rate was seriously hurting businesses and lamented the difficult obstacles faced by business owners.

He claims that food inflation, which is currently at 33.93 percent, has made the inflationary situation worse.

Obegolu claimed that the administration under Tinubu has to act decisively to stop the country’s inflation from skyrocketing.

In addition, he supported the implementation of calculated measures to thwart inflationary tendencies, which were exacerbated by the elimination of fuel subsidies and other barriers to efficient corporate operations.

The head of ACCI also underlined how important it is for the government to strengthen the value chain of production, especially in areas that create jobs, like the livestock sector. In particular, the dairy industry is crucial to resolving the long-standing conflicts between farmers and herders and improving national security.

In order to support the socioeconomic wellbeing of the populace, he urged the federal government to draw in foreign investment, stating that the importance of the mining sector could not be overstated.

Obegolu urged Tinubu to stick to his pro-business policies, which would make doing business easier. These policies included simplifying tax laws, enacting new minimum wage standards quickly to increase consumer purchasing power, addressing the ongoing insecurity concerns, and guaranteeing a steady supply of electricity.

“It is expected that these actions will lower the cost of production, making the nation a more desirable location for investments,” he stated.

“The ACCI’s appeal is a timely call to action, urging the government to implement strong strategies that will mitigate the economic challenges faced by the nation and pave the way for sustainable growth and development, as Nigeria grapples with a historic surge in inflation.”

He was upbeat about the country’s economic future as well, pointing to the upcoming start of operations at refineries like Dangote.

According to him, the move will make it possible for the government to preserve foreign reserve revenues, which will encourage investment in vital economic areas.