The increasing inflation in Nigeria has multiplied the suffering of its citizens as 133 million Nigerians are currently living below the poverty line, the Lagos Chamber of Commerce and Industry (LCCI) said.
The Director-General of LCCI, Chinyere Almona, in a statement pointed out that the unending rise in the prices of goods and services which cripple sales should be controlled in order to tame the nation’s deepened poverty state.
Almona further said that inflation has reduced purchasing power which has worsened Nigeria’s situation.
She highlighted some of the effects of the nation’s rising inflation as economic instability, distortion of fixed interest rate in payments for commodities and services, causing interruptions in fiscal policies.
Speaking on the urgent measures to save the matter, the LCCI Boss advised the government and other monetary stakeholders to deliberately increase supply as well to beat inflation rather than focus on only one side.
She added that other good monetary and fiscal policies should be well implemented to control inflation.
The Central Bank of Nigeria (CBN) was charged to look into the degree and the impact of its monetary funding of the Federal Government through ways and means.
The statement reads in part, “the sustained rise in the general price level in recent times has caused some weakening in purchasing power. This is coming at a time when multidimensional poverty has climbed too high with an unprecedented 133 million Nigerians living below the poverty line (NBS).
“The impact of rising inflation is far-reaching. It distorts fixed interest rate payments for recipients and payers alike, leaving in its trail disruptions and dislocations in the economy.”
Investors King reports that the National Bureau of Statistics had disclosed the nation’s inflation percent as thus– “inflation inched up by 0.47 percent to 21.83 per cent in January 2023 after shading a few basis points in the month of December 2022.”
