ACCI holds Annual General Meeting, laments soaring inflation

The Abuja Chamber of Commerce and Industry (ACCI) has expressed concern over the spike in inflationary trend in the last few months in the country.

The President of ACCI, Dr Al-Mujtaba Abubakar expressed the displeasure during the Chamber's 32nd Annual General Meeting (AGM) held in Abuja.

While identifying the high inflation as having a serious impact on the businesses of members of the Chamber and the economy in general, Abubakar called for measures to address the situation.

According to the National Bureau of Statistics' (NBS) November inflation report, the inflation rate in the country stands at 21.47 percent.

"In November 2022, on a year-on-year basis, the headline inflation rate was 21.47 percent.

"This is 6.07 percent, or points higher compared to the rate recorded in November 2021, which was 15.40 percent."

"This means that in the month of November 2022, the general price level was 6.07 percent higher relative to November 2021," the NBI report said.

To this end, Abubakar emphasized the need for Nigerians to elect leaders with sound and realistic economic programs in the 2023 general elections.

According to him, all activities of the Chamber have been implemented in line with ACCI's three-year strategic plan, which articulated the core objectives of the Chamber and the action plan for bringing about their actualization.

Abubakar said that ACCI in the last one year embarked on various developmental projects and signed series of Memorandum of Understanding (MoU) with both private and government institutions.

"This includes the University of Abuja on the establishment of Entrepreneurship Centre and Demonstration Farm in the University,'' he said.

He expressed the Chamber's determination to complement the efforts of the Federal Government in repositioning the nation's economy.

In a remark, Prof. Adesoji Adesugba, 1st Vice President of ACCI and Managing Director, Nigeria Export Processing Zones Authority (NEPZA), described the private sector as key players in the nation's economic growth.

Adesugba said that the federal government is working assiduously to address the nation's infrastructural deficit.

He advised corporate bodies and organizations to always take advantage of the federal government's economic programs.

Adesugba pledged NEPZA's continuous collaboration with ACCI to fast-track the country's industrial and economic development.