{"id":201456,"date":"2022-07-06T06:24:49","date_gmt":"2022-07-06T05:24:49","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=201456"},"modified":"2022-07-06T06:24:49","modified_gmt":"2022-07-06T05:24:49","slug":"lcci-to-cbn-raising-interest-rate-alone-will-not-tackle-inflation","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/07\/06\/lcci-to-cbn-raising-interest-rate-alone-will-not-tackle-inflation\/","title":{"rendered":"LCCI to CBN: Raising interest rate alone will not tackle inflation"},"content":{"rendered":"<p>The Lagos Chamber of Commerce and Industry (LCCI) has admonished the Central Bank of Nigeria (CBN) to roll out more friendly supply-side policies to boost productive sectors.<\/p>\n<p>This was stated on Tuesday by\u00a0<span data-preserver-spaces=\"true\">Michael Olawale-Cole, LCCI president in Lagos at the chamber\u2019s third quarterly media briefing in 2022 on the state of the Nigerian economy.<\/span><\/p>\n<p>The CBN in May raised its benchmark interest rate to 13 percent to curb rising <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/06\/19\/world-bank-inflation-will-push-15-million-nigerians-into-poverty-in-two-years\/\">inflation.<\/a><\/p>\n<p><span data-preserver-spaces=\"true\">But the Lagos chamber said the rate hike alone would not curb inflationary pressures.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It emphasised the need for the apex bank to pay attention to boosting supply and cushioning rising production costs caused by the high cost of energy and raw materials.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWhile the Central Bank of Nigeria (CBN) embarks on monetary tightening to tame inflation, it should ensure that targeted concessionary credit to the private sector is sustained for MSMEs,\u201d Olawale-Cole said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe CBN needs to initiate a gradual transition to a unified exchange rate system and allow for a market reflective exchange rate.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe CBN also needs to roll out more friendly supply-side policies to boost productive sectors, bolster investor confidence and help attract foreign investment inflows into the economy.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWe reiterate our position on the rising inflation that rates hike alone will not take rising inflation. The government must invest more in boosting supply and cushioning the cost of production.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThere is a need to address structural bottlenecks and regulatory constraints that contribute to the high cost of doing business.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cA supportive and conducive investment environment is critical in facilitating private sector involvement in the economic recovery and growth process.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The chamber said the burdening impact of fuel costs on businesses would remain as long as Nigeria keeps importing refined fuel.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It recommended the removal of petrol subsidies and curtailing oil theft to provide fiscal space for subsidised production of goods and services as well as for infrastructure, health, and education financing.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It added that boosting local refining will resolve the worsening crises in fuel supply and its multiplier effects on production and prices.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">On the frequent collapses of the national grid, LCCI urged the government to initiate cost-reflective tariffs in the power sector.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to the chamber, this will attract the needed investment to boost the power supply and possibly end the problem.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">On the Academic Staff Union of Universities\u2019 (ASUU\u2019s) ongoing strike, Olawale-Cole appealed to the government and the union to resolve the issues surrounding the education sector amicably.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe Lagos chamber and the business community are concerned, as this negative development can worsen our security challenges, increase drug abuse among our youth, and raise our social vices,\u201d Olawale-Cole said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWe cannot look to half-baked graduates to build a prosperous economy.<\/span><\/p>\n<p>\u201cNigeria must begin to pay more attention to improving its latest Human Development Index (HDI), which stood at 161st out of 189 countries.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Lagos Chamber of Commerce and Industry (LCCI) has admonished the Central Bank of Nigeria (CBN) to roll out more friendly supply-side policies to boost productive sectors. This was stated on Tuesday by\u00a0Michael Olawale-Cole, LCCI president in Lagos at the chamber\u2019s third quarterly media briefing in 2022 on the state of the Nigerian economy. The [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":133462,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[16587],"tags":[658,41458,3380,26905],"class_list":["post-201456","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-cbn","tag-high-interest-rate","tag-inflation","tag-lcci"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>LCCI to CBN: Raising interest rate alone will not tackle inflation<\/title>\n<meta name=\"description\" content=\"The Lagos Chamber of Commerce and Industry (LCCI) has admonished the Central Bank of Nigeria (CBN) to roll out more 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