The Managing Director/Chief Economist at Analysts Data Service and Resources Limited, Dr Afolabi Olowookere, has tasked the federal government to revive and concentrate on production, review its trade-industrial policy and borrow innovatively for Nigeria to tame rising inflation.
Olowookere stated this while speaking during a one-day forum organised by the Capital Market Correspondents Association of Nigeria (CAMCAN) in Lagos.
Although the National Bureau of Statistics (NBS) had, on Monday, reported that inflation had eased to 21.34 per cent in December from an all-time high of 21.47 per cent in November, 2022, Olowookere believes that the federal government, especially the incoming administration, should seek ways to revive production, the country’s trade-industrial policy and must borrow innovatively.
“Inflation has been on the rise and in response, the Monetary Policy Committee (MPC) raised the Monetary Policy Rate (MPR) four times in 2022.
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“Rising debt stock has been a major concern for the government and citizens alike.
“For example, the FG’s revenue increased from N2.57 trillion in 2011 to N4.64 trillion in 2021,” he said.
Olowookere noted that expenditure had risen from N4.30 trillion to N11.08 trillion within the same period while outflow for the half year of 2022 stood at N7.91 trillion.
“We need to look at our trade and industrial policy, again and again, to see how we can grow.
From Abiodun Alade & Jide Olasunkanmi, Lagos
