Nzekwe, ex-ANAN boss sees hyper inflation running into 2017
Analyst in financial matters and former President, Association of National Accountants of Nigeria (ANAN), Dr Samuel has predicted that the nation’s rate of inflation would still flare up before the year comes to an end and may continue early next year if adequate measures were not put in place by the government.
According to him, galloping inflationary trend will continue until early signs of diversification of the economy start to show up.
It would b e recalled that only weekend; the National Bureau of Statistics had said the rate of inflation increased from 17.9 per cent in September to 18.3 per cent in October.
According to NBS, “The increase in the inflation rate in October to 18.3 per cent is expected due to the volume of imports that came into the country.
Nzekwe spoke in Ota, Ogun State, noted that “The continued importation of consumer goods and other related commodities are triggering inflation”.
He therefore urged the Federal Government to focus more on agriculture because it would reduce the consumer price index used to measure rate of inflation.
Nzekwe added that genuine focus on agriculture would also generate employment for millions of Nigerians.
He said “The Federal Government needs to revamp the infrastructure deficits that have placed the cost of doing business in the country on the high side.
“This is important because the ability of the government to improve on infrastructure will reduce stress on naira and ease inflation.