Dr. Wale Adegbite, a former chairman of the Manufacturers Association of Nigeria (MAN), Ogun Chapter, has urged the Federal Government to remove all barriers to the nation’s supply of goods and services.
In an interview with reporters on Friday in Ota, Ogun, Adegbite stated that removing barriers to the flow of products and services would significantly slow the country’s inflationary tendency.
He was responding to the nation’s rising inflation rate.
The National Bureau of Statistics (NBS) had on Wednesday reported that the country’s October inflation rate had risen from 26.72 per cent in September to 27.33 per cent.
The former head of MAN expressed concern over the ongoing increase in inflation, which is showing up in the cost of products and services.
In order to boost the economy, Adegbite encouraged the federal government to step up efforts to upgrade road infrastructure and increase security, particularly in areas surrounding the production and transportation of agricultural products and the oil and gas sector.
“The country needs to produce more goods because the more we produce, the lower the prices of goods, thus reducing the prices of goods and services,” he said.
Adegbite also suggested that the Federal Government should reduce the excessive budget deficit, often financed through ‘Ways and Means,’ saying that this has also been the major cause of the rising inflation rate.