Make policies on price control to curb inflation – APC chieftain to Nigerian govt

A chieftain of the All Progressives Congress, APC, Abayomi Nurain Mumuni has advised the federal government to make policies to ensure price control on essential goods and services across the country.

Mumuni noted that this is necessary to curb the incessant increment of prices of goods and services by providers.

The APC chieftain made the call in a statement signed by his Media Aide, Rasheed Abubakar and made available to Newspot on Tuesday.

Mumuni said the federal government must put certain measures in place to prevent further inflation in the country, urging the federal government to encourage the production of goods that are typically imported.

He added that this would help mitigate inflation and tasked the federal government to provide support for sectors like agriculture, manufacturing, and technology.

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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”.