LCCI DG, Chinyere Almona

The Lagos Chamber of Commerce and Industry (LCCI) has tasked the federal government and the Central Bank of Nigeria (CBN) to focus more on policies that would provide support to the real sector and expand the country’s export’s infrastructure in order to contain domestic inflation. The LCCI gave this task in its reaction to the recent increase in the Monetary Policy Rate (MPR) by the Monetary Policy Committee (MPC) of the CBN in which it urged the CBN and the fiscal authorities to intervene with policies and instruments that could boost growth in the economy since rate hikes are known to weaken economic growth. The Director General of LCCI, Dr. Chinyere Almona, said: “In Nigeria, we need to tackle food inflation from the roots looking at issues like targeted support to the agriculture sector, manufacturing and the provision of more export infrastructure for businesses to export more and earn more foreign exchange. “We urge the CBN to look further inward at the peculiar situations driving inflationary pressures within the Nigerian economy. Rate hikes are known to weaken growth, and as such, it is expected that the monetary and fiscal authorities intervene with policies and instruments that are growth-boosting. We are also calling on the government to commence preventive measures against the expectation of flooding in 2023.”