Former National Accountant Association boss predicts higher inflation

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Former National Accountant Association boss predicts higher inflation

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Dr Samuel Nzekwe, a former President, Association of National Accountants of Nigeria (ANAN), on Tuesday predicted that the nation’s rate of inflation would still rise before the year come to an end.
A former president of the Association of National Accountants of Nigeria (ANAN)

A former president of the Association of National Accountants of Nigeria (ANAN)

Nzekwe told the News Agency of Nigeria (NAN) in Ota, Ogun, that this would be until the Federal Government fully diversified the economy.It would be recalled that the National Bureau of Statistics (NBS) had on Monday said that the rate of inflation increased from 17.9 per cent in September to 18.3 per cent in October.“The increase in the inflation rate in October to 18.3 per cent is expected due to the volume of imports that came into the country.“The continued importation of consumer goods and other related commodities are triggering inflation,’’ Nzekwe said.He urged the Federal Government to focus more on agriculture because it would reduce the consumer price index used to measure rate of inflation.The ex-ANAN chief added that focus on agriculture would also generate employment for millions of Nigerians.“The Federal Government needs to revamp the infrastructure deficits that have placed the cost of doing business in the country on the high side.“This is important because the ability of the government to improve on infrastructure will determine the nation’s ability to attract foreign investors into the country,’’ he said.Nzekwe stressed that investors in the country spent huge funds daily to generate electricity and combat the erratic power supply.He added that the agro-allied industries also needed good infrastructure to thrive.  

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