A university lecturer, Dr Ovat Oyama on Monday called on the Federal Government to find lasting solution to the rampant clashes between herdsmen and farmers to sustain the drop in inflation rate.
Oyama, who lectures Economics at the University of Calabar, made the suggestion in an interview with the News Agency of Nigeria (NAN) in Lagos.
He said that government and other stakeholders needed to find permanent solutions to the security challenges, to avert food shortage which could erode the progress made in the inflation rate.
“Our nation’s inflation rate has continued to dip in the last 14 months and any further crisis in the food supply chain, could overturn the improvement made in the inflation index.
“Most of the states in the middle belt known for massive food production are now facing insecurity challenges, a sustained peace is needed to ensure food security in the country,” Oyama said.
He also urged the Central Bank of Nigeria to ensure convergence in the various foreign exchange windows and pursue vigorous investment in the productive sector of the economy.
“More states should be incorporated into the government rice anchor borrowers’ scheme to stop its importation and the smuggling of the product into the country.
“More investors must begin to look for ways to commence the building of processing plants for produce and create a large value chain to reduce the importation of finished goods,” he said.
He added that since the economy was getting better due to increase in crude oil prices, the apex bank should reduce the lending rate to boost activities in the productive sector.
NAN reports that Nigeria’s inflation rate dropped from 14.33 in February to 13.34 per cent in March, according to the latest National Bureau of Statistics (NBS) report.
The bureau, in its CPI report released on Thursday in Abuja, showed that the figure dropped 14 consecutive times since January 2017.
According to the bureau, the figure is 0.99 per cent points less than the 14. 33 per cent recorded in February. (NAN)
– Apr. 7, 2018 @ 11:37 GMT