Dr. Bala Mahmud Abubukar, the State Coordinator of the Bauchi State Trade Facilitation Centre, has urged governments at all levels to devise practical and sustainable policies to curb the escalating inflation rates in the country and increase investment.
Speaking exclusively in Bauchi, the state capital, Mahmud emphasized the need for government initiatives devoid of loopholes that allow businesses to exploit citizens with exorbitant prices.
Mahmud stressed that previous policies riddled with gaps had facilitated price gouging by business owners, exacerbating inflation. He insisted on the implementation of policies with short, medium, and long-term effects to effectively address inflationary trends.
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“When that is done, I think the issue of inflation will be reduced to the minimum. Also, the government should engage the private sector in putting in place these policies,” Mahmud further advised.
Highlighting the adverse impact of inflation on foreign investment, Mahmud noted that high living costs deterred investors, leading to a decline in foreign investment over the past two decades.
He maintained that, “A lot of investors come to Nigeria, but when they study the situation and the inflationary trend, they feel discouraged and run out of the country. Therefore, I think the government should go a long way in making policies that will attract foreign investment.”
The Bauchi coordinator impressed the fact that Nigeria, despite having the largest population across the continent, has only succeeded in attracting a little above direct investment from across the world.
Mahmud remarked that what is required to change the narrative is for “African countries to sit down particularly under the African continental free trade area to ensure the investment climate in the continent is made attractive to foreign investors”.
Identifying insecurity as a regional factor influencing inflation, Mahmud highlighted the shared security challenges among neighboring countries in the West African subregion. He called for unified efforts in combating insecurity, asserting that cooperation among nations is essential in addressing the pervasive security threats.
“In the fight against insecurity, no country should stand alone. Cooperation is paramount as the problem is collective,” Mahmud concluded.