2024: Still On Vital Need For Improved Economy, Security

As Nigerians welcome in the New Year, they have charged the federal government on making lives meaningful for Nigerians through creation of favorable policies that will make the economy thrive and secure lives and properties.

Those who spoke demanded reduction in inflation and stability of the foreign exchange. In November 2023, the Nigerian Bureau of Statistics (NBS) stated that the headline inflation rate increased to 28.20%, relative to October 2023 headline inflation rate which was 27.33%. Looking at the movement, the November 2023 headline inflation rate showed an increase of 0.87% points when compared to October 2023 headline inflation rate.

Speaking to me, Ibrahim Olawale, a teacher, called for the economic team of President Bola Tinubu, to see to rising inflation and increase in prices of goods in the country.
According to Olawale, the prices of staple foods have gone beyond reach of the masses, hence the need for government to address this issue.
“Government should work on reducing the price of rice, Garri, Yam and other food items because their prices have soared beyond reach of the masses,” he said.

A car accessories salesman, Ikechukwu Chukwuma, says government should improve on security of lives and properties in Nigeria. Chukwuma, gave instances where hundreds of Nigerians were killed in Plateau State by suspected bandits as well as kidnappings in the Northwestern part of Nigeria.
“The Northwest is riddled with bandits, herdsmen in the North Central, secessionists in the Southeastern part of the country and terrorists in the Northeast. Cultists have taken over the Southwestern part of the country,” he explained.

“Government must make security paramount because that is very important, especially now that the government is seeking investors around the world. No one will bring his money into an unsafe environment,” Chukwuma added.
A clearing agent, Kolapo Kehinde, who urged government to stabilise exchange rate and ensure that price of fuel is managed, said exchange rate determines price of clearing cargoes from the port and increases the price of imported items including raw materials.

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“The Central Bank of Nigeria, on June 24, 2023, adjusted the exchange rate from N422.30/$1 to N589/$1. On July 6, 2023 it was adjusted to N770.88/$1. In November 14, 2023, it was adjusted to N783.174/$1, now it is currently adjusted to N951.941/$1.
“The increment will lead to abandonment of cargoes at the nation’s seaports, while prices of goods will go up astronomically and out of reach of Nigerians,” he stated.