While speaking to the media on the health of Nigeria’s economy in Lagos on Tuesday, Asiwaju Michael Olawale-Cole, the President of the Lagos Chamber of Commerce and Industry (LCCI), fell into tears.
Michael Olawale Cole, was concerned about the high and growing inflation rate, which was 15.70 percent in February, up from 15.60 percent in January 2022.
In the second quarter, he expects headline inflation to remain high as a combination of supply chain disruption due to the Russia-Ukraine conflict, food supply shocks, forex policies, higher energy costs, forex illiquidity, and heightened insecurity in major food processing states continue to put downward pressure on domestic consumer prices.
In the medium run, he believes that a broad-based harmonisation of fiscal and monetary policies aimed at resolving the highlighted structural limitations will greatly assist in reducing inflationary pressure.
The LCCI’s president also voiced concern about debt sustainability, the foreign currency market, monetary policy development, international trade, capital importation, the Russia-Ukraine conflict, oil theft, and the power sector, among other concerns.
He said the situation has deteriorated to an alarming level, particularly in light of the recent attack on the Abuja-Kaduna train, which took several lives.