NASRE Cautions FG On Rising Inflationary Pressure For Economy Revitalisation

An advocacy group, the National Association of Social and Resourceful Editors (NASRE), has emphasised the need for specific blueprints to address inflationary pressures and revitalise the economy.

This, it said, is critical as Nigerians continue to face the present unprecedented hardship, hence, calling for a re-evaluation of government policies and a plea for relief from economic hardships.

In a statement made available to LEADERSHIP Sunday yesterday, the group equally urged all arms of government to provide economic relief, emphasising the need for commitment to delivering on promises despite the challenges. It also advocated citizens’ involvement in security efforts and unity to navigate these trying times.

According to the group, “In the face of adversity, Nigerians are resilient, adapting to the changing economic landscape while holding onto hope for a better tomorrow.”

The complexities of this economic crisis demand a comprehensive response, blending short-term relief measures with long-term structural reforms.”

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Harping on immediate relief measures, it said, urgent steps must be taken to provide immediate relief which includes; targeted subsidies, social welfare programmes, and food assistance to vulnerable populations to mitigate the impact of rising prices on essential goods.

Calling for inclusive policy reevaluation, NASRE pointed out that, government policies, especially, those related to subsidy removal and exchange rate unification, require thorough reassessment, adding that, the inclusion of stakeholders from various sectors in policy discussions can help identify unintended consequences and inform more inclusive decision-making.

Offering economic diversification as a solution to the current quagmire, it noted that, a strategic shift towards economic diversification is imperative, even as investing in sectors where Nigeria has a comparative advantage, such as agriculture, can stimulate growth, create employment, and reduce dependence on oil revenue.

Advocating critical investments in infrastructure, particularly in transportation and power generation, , it said, this can alleviate the burden on businesses and reduce production costs, even as improved infrastructure enhances efficiency and competitiveness in the global market.

The Small and Medium Enterprises(SMEs), it stated, form the backbone of Nigeria’s economy, thereby, providing targeted support, including access to affordable credit, skill development programmes, and streamlined regulatory processes, can boost their resilience and contribution to economy.

“Building trust through transparent communication is crucial. Clearly articulating government policies, their objectives, and the expected impact fosters a sense of understanding among citizens, reducing uncertainty and speculation,” it stated.

As Nigeria grapples with these multifaceted challenges, it stressed that, the path forward necessitates a collective effort, innovative solutions, and a commitment to addressing the root causes of the current hardships, adding that, “Only through unity, collaboration between government and citizens, and strategic reforms can Nigeria emerge from these turbulent waters into a more prosperous and equitable future.”