LAGOS – A University don, Dr Ovat Oyama, on Thursday urged the Federal Government to further manage downwards the current national 8 per cent inflation rate, by investing more in the real sector.
Oyama, who teaches Economics at the University of Calabar, made the suggestion in an interview with the News Agency of Nigeria (NAN) in Lagos.
He said that sustained aggressive investment in mechanised agriculture and manufacturing remain a major panacea for moderating the nation’s inflation rate.
According to him, government should create additional space for Nigerians who are into agriculture and manufacturing, to benefit financially from its empowerment programmes.
“Programmes which include “YOUWIN,” and those of the Bank of Industry (BOI), could be redesigned to incorporate more people.
“The funds from these programmes could be used to acquire machinery for production of goods in large quantity,” he said.
Oyama said since the inflation rate had fallen to a single digit, it could be sustained if governments invest massively in the sector and by assisting farmers with modern farming implements.
He also said that more investments in the transportation sector would make it efficient and gradually reduce the price of farm produce across the nation.
“Railway transportation should particularly receive more investments and be extended to major farm settlements.
“The railway has remained one of the channels for conveying farm products that made food cheap in many developed countries,” he said.
NAN reports that Nigeria’s year-on-year consumer price index (CPI) rose marginally to eight per cent in May, compared to 7.9 per cent in April. (NAN)
