By Giwa SHILE
An economist, Mr Kaseem Iyanda, says continuous efforts in boosting industrial output and food supplies will crash inflation in the country.
Iyanda, a staff of Royal Guarantee Trust, made the observation in Lagos on Wednesday.
He said that the country’s inflation rate would be on the decline if government continued to enhance productivity in all the sectors of the economy.
Iyana advised that increased budgetary provisions and good climate would enable the food index to be improved upon.
“With the anticipation that the flood will recede, government should allocate more funds to the agricultural sector to attain food sufficiency,’’ he said.
The economist urged Federal Government to allocate 20 per cent of the next year’s budget to agriculture to improve its game various value chain.
He said that to halt inflation rate, the monetary authorities must sustain the intervention in the foreign exchange market.
“The injection in the investment and export windows should be sustained for economic stability, while the convergence of multiple exchange rates should be targeted so as not to send wrong signals to foreign investors,’’ Iyanda said.
The National Bureau of Statistics (NBS) on Tuesday released the inflation rate in Nigeria for the month of September.
According to the statistics office, the Consumer Price Index (CPI), which measures inflation rate, increased to 11.28 per cent year-on-year in September.
This was 0.05 per cent higher than the 11.23 per cent recorded in August.
