A prominent chieftain of the All Progressives Congress, Abayomi Nurain Mumuni, on Tuesday, called on the federal government to implement policies to regulate prices of essential goods and services.
Mumuni’s plea comes amidst concerns over the constant increase in prices of goods and services by providers.
He emphasized the need for the government to take proactive measures to curb inflation, according to Daily Post.
“The federal government must put measures in place to prevent further inflation and stabilize the economy,” Mumuni said in a statement.
He proposed that investing in infrastructure, encouraging local production of imported goods, and enhancing agricultural productivity could help address inflation.
Mumuni also suggested that temporary price controls on essential goods, establishing a regulatory framework to monitor prices, and intervening in the foreign exchange market to stabilize the naira would be beneficial.
“The government should prioritize productivity-enhancing projects and control public expenditure to avoid igniting inflation,” he added.
Mumuni’s call echoes concerns from Nigerians struggling with rising costs of living. The federal government has yet to respond to his proposals.
Mumuni said, “Mitigating inflation following the devaluation of the naira is a complex challenge that requires a multi-faceted approach. Here are some strategies the Nigerian government can adopt to address inflation and stabilize the economy:
“Investing in infrastructure, such as transportation and power supply, can lower production and distribution costs for businesses, helping to bring prices down. Encouraging the production of goods that are typically imported can help mitigate inflation. This could include providing support for sectors like agriculture, manufacturing, and technology.
“Enhancing agricultural productivity through research, subsidies for farmers, and improved access to markets can help stabilize food prices, which are a major component of inflation.
“In some cases, the government may consider temporary price controls on essential goods to prevent excessive price hikes. However, this should be done cautiously to avoid market distortions and shortages.
“Implementing a regulatory framework to monitor and regulate the prices of essential goods and services to protect consumers from sudden price spikes. Intervening in the foreign exchange market to stabilize the naira by leveraging foreign reserves can help manage inflation expectations and reduce volatility.
“Establishing trade agreements that facilitate easier access to goods can help mitigate the impact of currency fluctuations on prices. The government should focus on controlling public expenditure and ensuring that spending is targeted at productivity-enhancing projects rather than populist spending that could ignite inflation”.
