Uju Ogubunka, a former banker, has urged the federal government to adopt policies that will further boost manufacturing, expand local production, and improve access to raw materials to sustain Nigeria’s easing inflation.
Mr Ogubunka, who said this in an interview in Lagos on Friday, restated that practical support for domestic manufacturers could transform the economy.
“The government should support domestic manufacturers to backward integrate and source almost all their manufacturing inputs locally by ensuring peace in most agrarian communities.
“This will enable them to rely less on imported inputs and focus on enhancing domestic capacity and expansion,” he said.
Mr Ogubunka, also a former executive secretary of the Chartered Institute of Bankers of Nigeria, highlighted the importance of reliable infrastructure and energy supply in driving domestic production.
“The government ensuring more reliable and affordable energy production, especially in industrial hubs, will incentivise domestic production. As this will strengthen our self-reliance and reduce imported commodities and thereby curb imported inflation,” the ex-banker said.
According to him, insecurity is another barrier to affordable food and economic stability.
“Our government should improve on the insecurity threats in many food-belt states so as to tackle the exorbitant food cost. More security should be deployed to the hinterland to ensure food produce is completely harvested and transported to the urban areas without being harassed,” he added.
Femi Oke, secretary-general of the All Farmers Association of Nigeria, said recent drops in transport costs and government interventions had made food prices more affordable.
“The drop in transportation cost from refined petroleum and diesel in the month of December contributed to more affordable food prices. Even government intervention through subsidised agricultural inputs led to the drop in food cost,” Mr Oke said.
He stressed that farmers also need more hands-on guidance.
“Government extension officers are crucial for the growth of particularly smallholder farmers because they educate and sensitise farmers on the varieties of seedlings that are most suitable at the moment. They also transfer knowledge to farmers on ways to operate agricultural machines and curb post-harvest losses,” he said.
Mr Oke added that deploying tractors efficiently could further boost food output.
“The bureaucracy associated with the issuing of the tractors should be addressed so as to enable them to be disbursed before the rainy season. Only large farms or clusters of smallholder farmers are allowed to benefit from the tractors so as to boost food output and curb abuse,” he said.
Meanwhile, the National Bureau of Statistics reported that Nigeria’s headline inflation rate eased to 15.15 per cent in December 2025, down from 17.33 per cent in November, and well below the 34.8 per cent recorded in December 2024.
The bureau noted that technical adjustments to its CPI methodology explained projected spikes in December figures and did not reflect deteriorating economic conditions.
NAN
