A former chairman of Manufacturers Association of Nigeria (MAN), Ogun Chapter, Dr Wale Adegbite, has appealed to the Federal Government to tackle all the impediments to the supply of goods and services in the country.
Adegbite, who made the appeal in an interview on Friday in Ota, Ogun, said addressing obstacles restricting the supply of goods and services would drastically reduce the nation’s inflationary trend.
He spoke while reacting to the continuous rise of inflation rate in the country.
National Bureau of Statistics (NBS) on Wednesday said the nation’s inflation rate had increased from 26.72 per cent in September to 27.33 per cent in October.
The former MAN Chairman said the persistent rise in inflation, as reflected in the prices of goods and services, was worrisome.
Adegbite urged the federal government to redouble it’s efforts to improve road infrastructure, improve security, especially around production and transportation of agriculture products, and the oil and gas industry, to stimulate the economy.
“The country needs to produce more goods because the more we produce, the lower the prices of goods, thus reducing the prices of goods and services,” he said.
Adegbite also suggested that the federal government should reduce excessive budget deficit, often financed through ‘Ways and Means,’ saying that this has also been the major cause of rising inflation rate.