THE Manufacturers Association of Nigeria (MAN) has described the recent 18.17 per cent inflation figure released by the Nigeria Bureau of Statistics (NBS), as worrisome and very unhealthy for the well-being of Nigerians and the nation’s economy. “Clearly, there is an urgent need for Government to intentionally ensure price stability before the situation becomes deplorable,” he stated. The MAN boss also stressed the need for the federal government to pursue consumer price stabilisation measures that would stimulate growth in agricultural output. “For instance, while CBN was creating funding windows at single digit interest rate to encourage production, government increased VAT from five per cent to 7.5 per cent. Similarly, the government increased minimum wage and also allowed an increase in electricity tariff, and so on,” he stated.

Source: Nigerian Tribune April 19, 2021 06:33 UTC