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The Abuja Chamber of Commerce and Industry (ACCI) has called on the Federal Government to address fundamental causes of rising inflation rates.
The President of ACCI, Dr Al-Mujtaba Abubakar, made the call in a statement on Thursday in Abuja.
Abubakar urged the federal government to create a more positive business climate in the country.
He expressed concern that despite government efforts, the inflation rate was on the increase.
According to NBS, in Feb. the headline inflation rate rose to 21.91 per cent compared to Jan. 2023 headline inflation rate which was 21.82 per cent.
It showed an increase of 0.09 per cent points when compared to the Jan. headline inflation rate.
“While we appreciate the efforts of the administration to tame the increasing inflation rate, we note that the situation was far from improving.
“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 the black market rate,” he said.
“This occurrence tends to have a negative effect on businesses as fuel and diesel are 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,’’ Abubakar said.
He urged the Federal government to intensify the rehabilitation of refineries in the country and concession them to private entities.