Nigerian economists and financial analysts have called on the federal government to reassess its policies in critical sectors such as manufacturing, agriculture, and energy to address the country’s soaring inflation.
In separate interviews with *DAILY POST* on Monday, Professor Godwin Oyedokun, a lecturer at Lead City University, Ibadan, and Chief Executive Officer of SD & D Capital Management, Gbolade Idakolo, expressed concerns over the current economic challenges.
This follows the release of November 2024 inflation data, showing headline inflation rising to 34.60 percent and food inflation hitting 39.93 percent.
Reacting to the figures, Oyedokun highlighted the detrimental impact of inflation on Nigerians, emphasizing how high inflation diminishes purchasing power and exacerbates financial hardship for households.
“The latest inflation figures, with headline inflation at 34.60 percent and food inflation at 39.93 percent, depict a difficult economic landscape for Nigerians. High inflation erodes purchasing power, making it harder for households to afford basic necessities,” Oyedokun stated.
He stressed the urgency of effective policies to stabilize prices and reduce the burden on citizens. According to him, a reassessment of the Central Bank of Nigeria’s (CBN) Monetary Policy Committee strategies, including interest rate adjustments and targeted measures for critical sectors like food and energy, is crucial to addressing inflationary pressures effectively.
Similarly, Idakolo noted that the inflation rate reflects the struggles of the Nigerian economy despite efforts by the CBN and the federal government.
“The manufacturing sector, a key driver of economic activity, remains under pressure, while other government interventions have yet to yield significant impact. The agricultural sector faces persistent challenges, including insecurity in farming regions, high logistics costs, and the depreciating naira. The continuous hike in interest rates has not curbed inflation but has instead increased the cost of doing business,” Idakolo explained.
He urged the government to stabilize the economy by implementing comprehensive reforms in these critical sectors to enhance efficiency and ensure sustainable growth.
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