Two prominent economists have called for urgent action to curb Nigeria’s soaring inflation. Prof. Bright Eregha emphasizes the need for fiscal discipline, particularly by ensuring that increased allocations to state governments are channeled into productive sectors. He also advocates for significant investments in mechanized agriculture to boost food production and alleviate food-induced inflation.
Prof. Tunde Adeoye, on the other hand, stresses the importance of import substitution. He argues that by encouraging local production of imported goods and promoting their consumption, Nigeria can reduce its reliance on imports and ease pressure on its foreign exchange reserves.
Both economists acknowledge that the current inflationary pressures are complex and require a multifaceted approach. Adeoye highlights the need to address structural issues within the economy, while Eregha emphasizes the importance of resolving security challenges that hinder agricultural production.
Nigeria’s inflation rate reached a concerning 34.6% in November, according to the National Bureau of Statistics. This alarming figure underscores the urgency of implementing effective measures to stabilize the economy and alleviate the burden of rising prices on Nigerian citizens.
