Security, other factors keys to tackling high inflation -expert

A financial expert has opined that the provision of security, large scale farming and intervention in manufacturing sector are key factors in tackling the rising inflation rate in the country.

Niyi Akinsanya told NAN Monday.

According to the data released by the National Bureau of Statistics (NBS) Thursday, thw country witnessed rise in inflation to 18.17 per cent in March amid accelerating increase in food prices.

The financial expert explained that for government to tackle the economic challenges, particularly the continuous rising inflation, it must step up in providing adequate security for farmers in order to encourage them to return to their farms.

He urged government at all levels to do more in encouraging large scale agriculture that would guarantee food security in the country.

The expert also noted that there must be aggressive intervention in the manufacturing sector for job creation thereby, boosting the economy.

“There must be aggressive inducement and incentives to more people to become farmers with amenities provided by the government to enable them compete easily with imported items.

“Government should remove margin between official exchange and black market rate at least for those genuinely importing key raw materials that cannot be produced locally,” he said.

Akinsanya noted that insecurity like banditry, insurgency and kidnapping in the country had affected the activities of farmers, hence causing food shortage.

According to him, the high demand of food items in the market with limited supply is one of the reasons for the hike in the prices of some food stuff in the market.

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