An economist, Mr. Emmanuel Eze, has asked all levels of government to urgently encourage more Nigerians into the agriculture value chain sector so as to prevent any inflation in the future.
Eze, who is also the Chief Executive Officer of Perfecta Investment Company, Lagos, gave said this while speaking with newsmen in Lagos on Thursday.
He stated that the engagement of more Nigerians in agricultural value chain businesses was important as much reliance on foreign finished products also causes inflation.
Eze said that so long the oil price in the international market continued to rise, the inflation rate would drop domestically. “This is because our country is an import-driven economy, so it is easier to stabilise inflation through proceeds from high oil prices.
“This is the time to produce surplus commodities locally that will crash the prices of goods.
“We have the capacity to change the narrative presently, considering our resilience and entrepreneurial drive among the youth.
“The agricultural value chain should be harnessed to address our quest for processed food,” Eze said.
He commended the global cartel’s resolve of excluding Nigeria from oil supply cut due to economic challenges faced by the country which he said if sustained would help country to regain its liquidity status to manage its dollar demand.
The National Bureau of Statistics (NBS) had on Tuesday published a report that Nigeria’s Consumer Price Index dropped to 17.24 per cent in April from 17.26 per cent in March. The report said the drop, although minor, indicated that the price of food and non-food items had eased in 2017. The drop marks the third consecutive month the inflation rate will fall.