The Executive Secretary of the National Cooperative Financing Agency of Nigeria (CFAN), Mr Emmanuel Atama, has appealed to the Central Bank of Nigeria (CBN) to use appropriate monetary policy tools to check rising inflation rate in the country.
Atama said in Abuja that it was only through such decisive monetary control instrument that rising inflation rate could be controlled.
According to him, all hands must be on deck to reverse the trend in the interest of citizens and the economy of the country.
“I am more concerned about the purchasing power of ordinary Nigerians who could only do little with their meagre resources in the event of the hike on inflation, as their resources will do little for them and their household. “It now amounts to counter-productive efforts no matter the things put in place as conditions of living may tighten.
“It’s time to use appropriate monetary policy tools to bring the situation to check for the sake of the ordinary Nigerian and the economy and the CBN should lead in this direction,’’ he said.
The National Bureau of Statistics (NBS) had on February 18 released its report stating that the country’s inflation rose from 11.98 per cent as at December 2019 to 12.3 per cent in January 2020.
The report said that Consumer Price Index (CPI) which measured inflation increased by 12.3 per cent which was 0.15 per cent higher than the rate recorded in December 2019.
In another development, the PricewaterhouseCoopers (PwC) has projected Nigeria to be among the world’s fastest-growing Entertainment and Media (E&M) industry in the next five years. This is occasioned by shifting consumer preferences, rapid advances in technology and ongoing disruption to business models.
This growth is complemented by mobile internet access, music streaming, advertising, and other marketing tools.
The new strategic imperative for E&M, according to PwC, is to turn customers into fans by innovating to create the most compelling, engaging, and intuitive user experiences.
The most rapid growth rates in E&M revenues over the coming five years 2019 to 2023 will be in less-developed markets and economies like Nigeria where E&M spending on a per capita basis is generally quite low.
According to the PwC, Nigeria with a 12.1 percent Compound Annual Growth Rate (CAGR) is strongly influenced by surging spending on mobile Internet access, will be the world’s fastest-growing E&M market over the coming five years.
Technology, Information, Communications, and Entertainment Director at Vent Communications, Osakwe Ihugba, said: “Changes in technology, user behaviour and business models have opened up a gap between how consumers want to experience and pay for E&M offerings, and how companies produce and distribute them. The right user experience bridges this gap.
“To deliver it, companies must pursue two related strategies. First, build businesses and brands anchored by active, high-value communities of fans, united by shared passions, values, and interests.
“And second, capitalize on emerging technologies to delight users in new ways and provide superior user experiences.’’