Nzekwe, who is also a former President, Association of
National Accountants of Nigeria (ANAN), gave the advice while speaking with the
News Agency of Nigeria (NAN) on Sunday in Ota, Ogun.
According to National Bureau of Statistics (NBS), the
inflation rate in the country has increased from 28.20 per cent to 28.92 per
cent.
Nzekwe said that diversifying the economy totally from
over-reliance on oil and creating an enabling environment for the productive
sector to thrive would not only stem the inflationary trend but would also
reduce pressure on the currency.
This, he said, would shift the country from being a
mono-product nation to multiple streams of products where the nation would
reduce heavy dependence on imported goods.
“The Federal Government urgently needs to put more
formidable measures in place to address the security challenges like kidnapping
and banditry in parts of the country.
“There are some northern states where farmers pay taxes to
bandits before they are allowed to go to their farms.
“This has also adversely affected food production,” he said.
Nzekwe also emphasised regular power supply to boost local
production of goods and services.