2024: Continuing the Urgent Call for Enhanced Economic and Security Measures
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As Nigerians usher in the New Year, they are urging the federal government to enhance the quality of life for citizens by implementing favorable policies that promote economic growth and ensure the safety of lives and properties.
Those expressing their views are calling for a reduction in inflation and the stabilization of the foreign exchange.
In November 2023, the Nigerian Bureau of Statistics (NBS) reported a headline inflation rate of 28.20%, compared to October 2023's rate of 27.33%. This indicates a 0.87% increase in the headline inflation rate for November.
Ibrahim Olawale, a teacher, emphasized the need for President Bola Tinubu's economic team to address rising inflation and the escalating prices of goods, particularly staple foods like rice, Garri, and Yam, which have become unaffordable for the masses.
Ikechukwu Chukwuma, a car accessories salesman, highlighted the importance of government improving the security situation in Nigeria.
He pointed out instances of widespread violence, including killings in Plateau State and kidnappings in the Northwestern region, emphasizing the necessity for a secure environment to attract global investors.
Kolapo Kehinde, a clearing agent, called on the government to stabilize the exchange rate and manage fuel prices, as these factors significantly impact the cost of clearing cargoes and contribute to the increased prices of imported items and raw materials.
On June 24, 2023, the Central Bank of Nigeria modified the exchange rate from N422.30 per US dollar to N589 per US dollar.
Subsequently, on July 6, 2023, it was adjusted to N770.88 per US dollar. By November 14, 2023, the rate was further adjusted to N783.174 per US dollar, and currently, it stands at N951.941 per US dollar.
This increase is expected to result in the abandonment of cargoes at the nation's seaports, causing a significant surge in the prices of goods that will be beyond the financial reach of many Nigerians.
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