Don urges FG to use real sector investments to tackle 8 per cent inflation

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– A University don, Dr Ovat Oyama, on Thursday urged Federal Government to further manage downwards current national 8 per cent rate, by investing more in real sector.

Oyama, who teaches Economics at University of Calabar, made suggestion in an interview with News Agency of Nigeria (NAN) in .

He said sustained aggressive investment in mechanised agriculture and manufacturing remain a panacea for moderating the nation’s 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 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 rate had fallen to a single digit, could be sustained if invest massively in the sector and by assisting farmers with modern farming implements.

He also said more investments in the sector would make efficient and gradually the price of farm produce across the nation.

“Railway should particularly receive more investments and be extended to farm settlements.

“The railway has remained one of the channels for conveying farm products 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 , compared to 7.9 per cent in April. (NAN)