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The Federal Government has been charged to look inward in order to address the problem of inflation in the country.
A community development expert, Dr. Adesoji Tayo, stated this during a business forum organised by the Lagos Business School Alumni Association (LBSAA) South Western zone, recently in Ibadan.
He said every salary earner should start thinking about life after work as they are all getting old.
Tayo, who is also the President of the Ibadan Recreation Club, 1902, said: “We should start becoming a producing country not a consuming country so as to reduce the cost of our spending or production.”
He disclosed that “Inflation is a worldwide issue now and is not just restricted to Nigeria, even the countries that we thought were immune are showing signs of inflationary issues and problems and many countries are going into recession.
“For a country like ours, what we could be looking at, what we have been talking about for the years, we cannot be depending on one source of foreign exchange; we just have to look inward.
“We need to go back to the basics; we need to revitalise agriculture; we need to get funding from all sources, we need to reduce our cost as a country; when we do that, most of what troubles we have as a nation will be reduced.
He said the currency change is a must to do, countries all over the world do change their currency at one point or another and for us in Nigeria, if 85 percent of our currency is not within the banking sector, I think is a problem, that means our money is not regenerating itself, it’s somewhere, we have to bring them out and bring them back into the financial system.
“It is when money rolls into different hands that the economy can be buoyant, so if that is a reason for changing the currency, it’s a good one. What we are experiencing now is just for a short term, things will surely change because by the time money comes back into the system, everybody will know that there is no need for keeping money.
“People may be thinking why now, but I tell you elections will come and go. The election is just for a time and governance is continuous, there is a good time to do that, India has done it, and I think Ghana did it at a time, I’m sure they would have had a lot of thinking before they arrived at this particular decision. You know the 2023 election is another money spinner, so they would have had a good thought before they came up with the policy and I’m sure Nigeria will be better for it.” lot
Meanwhile, the President of the Lagos Business School Alumni Association (LBSAA) South Western zone, Mr. Seyi Alaba, charged business owners to always pay attention to global policy which can help their local businesses.
Alaba, the Managing Director of PG Security, disclosed that the high cost of materials is hitting business owners in the country and they need to find lasting solution to it.
“As a business owner, as an entrepreneur, previously, most people don’t pay attention to what the global policy is having on their local businesses but until recently, there are so many issues across the globe and as far as they add to us, they are hitting us so badly.
“A lot of things that are affecting the economy globally are getting at us too, where we are, so, as a business owner, we felt we need to come together to interact, to discuss and let us see our common problems and see how we can solve it so as to remain in the business.
“For instance, If you look at Nigeria’s economy, the private sector is the driving force that strives to survive on daily basis to make sure we are in the business and make our own contribution to the economy, so a lot of things have been discussed here today as business strategies that we can leverage on.
“As we know, the inflation rate is very high, even banks are not willing to help businesses these days and with the little resources that are at our disposal, we have learned one or two things on how to manage our resources during this period.”
The Immediate past president of the group, Mr. Harrison Ero, said the forum was a successful one said the way to solve the country’s inflation problem is to become a producer, saying “The moment we start producing, our inflation rate will go down and we will become a better country from it.”
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