Peter Obi, the presidential candidate of the Labour Party has reeled out some of his views on how to tackle inflation in Nigeria.
Below are his words
“These are my views on the economy.
Flutterwave, on its own, was recently valued at US$3 billion. We will create an enabling environment for our startups to thrive. Beyond creating access to easy funding,
We will enforce the legal framework protecting foreign investors and their indigenous partners. This is the only way to improve our business environment and tamper capital flight.
We will stop borrowing for consumption. All loans must be invested in regenerative projects. Inflation is a factor of spending on goods and services outstripping production. Since we have not resolved the minimum wage issue,
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We will not use wage and price controls to fight inflation. Rather, we will pursue a contractionary monetary policy. We will mop up excess liquidity by reducing the money supply within an economy.
The truth is that for long market forces have not determined the exchange rate of the Naira. The two tier foreign exchange regime is a fluke. It has to end. Let the exchange rate be determined by the forces of demand and supply. It is that simple.
Government must continue to collaborate with the organized private sector in this regard. Creating the enabling environment for raising employment must start with expanding the SMEs cluster via unfettered access to funding. -PO
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