Nigerian businesses stressed by high inflation, ICSAN warns

July 3, 2022
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The Institute of Chartered Secretaries and Administrators, (ICSAN) has tasked the federal government to do more in encouraging small businesses in Nigeria, noting that the high cost of doing business in the country is too high.

Speaking on the high cost of doing business, President of ICSAN, Gbenga Owokalade, urged the Federal Government to take necessary measures through the Central Bank of Nigeria to help the private sector.

Nigeria’s inflation rose to its highest level in 11 months, rising from 16.82 per cent recorded in April 2022 to 17.71 per cent in May.

The consumer price index, which measures the rate of inflation rose by 17.71 per cent year-on-year in May 2022, which is 0.89 per cent points higher than the 16.82 per cent recorded in the previous month (April 2022).

READ ALSOICSAN proffers solution to rising insecurity, ASUU/FG face-off

On a month-on-month basis, the headline index increased by 1.78 per cent in May 2022, compared to the 1.76 per cent increase recorded in the previous month.

Owokalade said the environment of business must be made user friendly and supportive of SMEs in particular, saying businesses are stressed by high inflation and worsening infrastructure.

He said the institute’s interest in the economy has influenced its choice of public discussion and advocacy issues, saying for instance its Annual Public Lecture looked at the Country External Reserves while its Annual Conference would be examining the National Debt of the country.

Owokalade also urged the federal government to decentralize policing in the country if it is really serious about tackling the issue of insecurity which is preventing investment in the country.

According to him, Nigeria’s insecurity has overwhelmed the present arrangement, noting that the state-owned policing system would adequately manage the country’s entire geographical locations and tackle the rising insecurity.

He said ICSAN would rather back a system that will enable each States to manage their own policing systems because of the diverse environments.

“Nigeria is mature enough to have state policing and should be bold enough to allow states to have their own security apparatus if both government and the governed say the country was a federal structure which allows it to replicate structures at all levels.

Also reacting to the lingering face-off between ASUU and the federal government, Owokalade urged both parties to speedily resolve their issues to address the negative impact of the ongoing strike action on the unengaged youthful population and the education sector.

According to him, the country is breeding a youth force that is not adequately engaged and may join the negative narrative already on ground.

He said there is a need to look at the future of the Nigerian child as both parties must make sacrifices to allow this issue to end for the sake of children and the sake of the nation.

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