Economy
NIGERIANS have called on the Federal Government to implement effective policies to reduce inflation and strengthen the economy.
Many residents of the Federal Capital Territory (FCT) told the News Agency on Nigeria (NAN) in Abuja on Sunday that this would lead to economic growth and stability that benefits all citizens.
NAN recalls that the National Bureau of Statistics (NBS) had recently released the rebased Consumer Price Index Report showing Nigeria’s headline inflation for January 2025 at 24.48 per cent on a year-on-year basis.
The Food Inflation for January 2025 was 110.03, which resulted in a food inflation rate of 26.08 per cent on a year-on-year basis.
The NBS said the increase was mainly driven by Food and Non-alcoholic Beverages, Restaurants and Accommodation Services and Transport.
However, the NBS explained that the current CPI results did not indicate a reduction in the prices of goods and services in the market but rather measured the rate at which those prices are decreasing.
Mr Kennedy Okoli, a businessman, said that inflation was significantly impacting the populace, leading to heightened economic challenges.
Okoli called upon the Federal Government to take urgent action to effectively address this critical issue with effective sustainable policies.
He said the rebasing of the CPI was a good idea but the results did not reflect the current realities.
” It is good to do rebasing but the government needs to address this inflation urgently, especially food inflation.
“Nigerians are hungry, food and transportation costs are on the increase.
” It may look like things are changing on paper but the current reality says otherwise. ”
Mrs Olabisi Samuel, a Public Servant said inflation was still on the increase, calling on the Federal Government’s intervention.
Samuel said proper policies and reforms should be put in place to ensure the economy picks up.
“The living standards of Nigerians are declining daily, their purchasing power is limited, and many cannot afford even the basic necessities of life.
“The government must show commitment to people by taking concrete steps and making immediate efforts to improve the economy and one way is by addressing the issue of inflation,” she said.
Mr Tunde Ajani, an Entrepreneur said that inflation was still on the increase judging from the prices of goods and services in the market.
Ajani called on the government at all levels to take proactive steps to address inflation which he said would help reduce the burden Nigerians were facing.
” The government needs to nip this rising inflation in the board. They should look at the sectors contributing to the rising inflation, especially food and transportation.
“Insecurity needs to be addressed so farmers can go to their farms and the cost of transportation needs to also be reduced.
“Since the removal of fuel subsidy, the cost of transportation has skyrocketed affecting everything.
“However, we must commend Dangote for helping to reduce the pump price of petrol in the last three months. We pray the price drops further down because this will bring some relief to Nigerians.”
Mr Nura Idris, a businessman, said that small businesses were significantly impacted by the rising inflation as he called on the Federal Government to formulate policies to help small businesses.
Nura said small businesses should be given single-digit interest loans to help their businesses stay afloat.
“If business owners still have to pay high transportation costs, depend more on diesel and fuel to run their business and continue to pay higher electricity tariffs, inflation will still be on the increase.
“This is because they will transfer all these costs, which are increasing daily, to the consumers.
“The government needs to show Nigerians they are serious in addressing the issue of inflation.
“If they can do this, it will also attract investors because nobody wants to invest in an unstable economy,” he said.
Experts continue to call on the Federal Government to address insecurity as well as the cost of transportation, and adopt mechanised farming as some ways to address inflation. (NAN)
A.I
March 2, 2025
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