The Abuja Chamber of Commerce and Industry (ACCI), says the high cost of Premium Motor Spirit (PMS), popularly called petrol, won’t stop Nigeria’s rising inflation.
In a statement on Thursday, Al-Mujtaba Abubakar, ACCI president, said efforts of the Federal Government in tackling the high rate of inflation had failed to yield desired results.
He added that stressing that it is important the government provides a positive business climate.
“While we appreciate the efforts of the administration to tame the increasing inflation rate, we note that the situation is far from improving,” he said.
“This has complicated the business climate and deepened challenges facing small scale businesses.
“The increase can be attributed mainly to the fuel scarcity being experienced in the country, where many resolve to buy at black market rate. Price per litre goes for between N400 to N700, depending on where you are buying from.
“This occurrence tends to have a negative effect on businesses as fuel and diesel is the major source of energy for running businesses.
“This invariably leads to the spike in the cost of production, coupled with logistic issues that have been compounded by insecurity.
“The government should implement business-friendly policies, unlike the cash swap policy that negatively affected businesses, especially the MSMEs.
“The government should intensify the rehabilitation of refineries in the country and concession them out to private entities.
“The executive and legislative arms of government should speed up the passage of the bill to unbundle the transmission aspect of electricity in Nigeria as it will make the power sector deliver on its mandate to serve Nigerians efficiently.”
Abubakar included that tax harmonisation would improve the ease of doing business and make the market competitive.
He stated that the government must begin to make use of satellites for surveillance by equipping the space agency to improve, equip and retool the armed security force.
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