Dr Muda Yusuf, Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), has called on the Federal Government to address structural challenges undermining Nigeria’s productive sectors.
Yusuf made the call in separate interviews with the News Agency of Nigeria (NAN) on Thursday in Lagos.
He said the government must prioritise reforms that reduce economic distortions and ease the cost of doing business.
“The government should ensure that electricity supply is more affordable and reliable, particularly in industrial hubs.
“Also, the cost of clearing cargoes at the seaports should be reviewed downward because it has a ripple effect across the economy,” Yusuf said.
He commended the government for stabilising the foreign exchange market but stressed that interest rates remain a major concern.
“The monetary authorities must ensure lending rates are significantly lower than what we have today.
“Lower interest rates are critical to boosting the productive sector and tackling inflation,” he said.
Yusuf also urged the government to be more proactive in addressing insecurity, which continues to undermine agricultural productivity.
“Investing in security and adopting innovative strategies to protect farmers will help increase agricultural output and drive down food inflation,” the economist added.
Also, Mr Akin Alabi, Chief Executive Officer, Corporate Farmers International, also highlighted the role of states in improving food production.
He said the recent moderation in food prices was not only due to the harvest season but also the deliberate agricultural investments by some state governments.
“States such as Ekiti, Niger and Kaduna have collaborated with the Federal Government, and more states need to do the same to secure inputs and technical services.
“This will enhance output and help the country move towards self-sufficiency,” Alabi said.
He noted that agripreneurs were becoming more innovative in tackling post-harvest losses.
“Many are now investing heavily in cold-chain storage facilities to preserve produce that would otherwise go to waste,” he said.
According to him, increasing awareness of the opportunities in agribusiness is also driving more Nigerians into modern farming.
“For instance, firms in oil palm production such as Presco and Okomu Oil are recording strong returns, and their stocks remain in high demand,” he said.
NAN reports that Nigeria’s inflation rate dropped for the fifth consecutive month to 21.12 per cent in August, down from 21.88 per cent in July, according to data from the National Bureau of Statistics (NBS).
The decline was largely driven by a moderation in food prices.
On a month-on-month basis, headline inflation eased by 0.74 per cent, while food inflation slowed to 1.65 per cent.
Year-on-year, inflation fell sharply by 11.03 percentage points from 32.15 per cent in August 2024.
