Single digit inflation rate good for Nigerian economy – LCCI

Lagos Chamber of Commerce and Industry

Nigeria’s inflation rate increased from 8.6 to 9.1 per cent in April.

The Lagos Chamber of Commerce and Industry (LCCI) on Monday said that the 9.1 per inflation recorded in April was still satisfactory.

Muda Yusuf, the Director General, LCCI, said in Lagos that the inflation rate was still single digit and did not pose any threat to the economy.

The National Bureau of Statistics had on April 16 said the inflation rate increased from 8.6 per cent in March to 9.1 per cent in April.

Mr. Yusuf said that the development was an indication that the economy was stable. He advised the Central Bank of Nigeria to strengthen its inflation targeting measures to ensure that the rate did not exceed the single digit.

He also advised the Federal Government to focus on stimulating the economy to produce more goods and services for local consumption and for export.

“An improvement in the production of local goods and services will drastically reduce inflation rate and create job opportunities for unemployed youths in the country,” he said.

(NAN)

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