By Chris Onuoha
lagos—President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, Iyalode Alaba Lawson, has called on the Federal Government to engage in proper implementation and monitoring of her policies and set out time-lines for an economic recovery and growth plan agenda.
She also advised government to ensure improvement in internally generated revenue and to stop the leakages caused by corruption, inefficiency and poor policy implementation.
Speaking at the NACCIMA Midyear Review and briefing held at the NACCIMA corporate headquarters on Tuesday in Lagos, she said: “The Nigerian economy which has had negative growth for the past five quarters officially slipped into recession in the third quarter of 2016.
However, the symptoms of recession have been felt before then. This is as the resultant effect of the drastic reduction in government earnings from crude oil sale caused by the decline in crude oil prices since mid- 2014 and other issues such as persistent increases in inflation, unemployment and interest rates, the unstable foreign exchange and others. Also, inability of other sectors of the economy such as agriculture, manufacturing and commerce to swiftly salvage the situation because of the existing deficits in social infrastructure, capital financing enabling policies and skill gaps constitute these challenges.
“We are of the view that as the Economic Recovery and Growth Plan (ERGP) are seen as laudable, the challenges are in aspect of proper implementation, monitoring, tracking, feedback and information dissemination. We therefore call on all ministries and government agencies in charge of the key activities to set out measurable guidelines of their key activities which can be tracked and assessed.”
While stressing on other challenges facing the economy, she commended the efforts of the Organized Private Sector who despite the challenging business environment, policies and infrastructural deficit have managed to stay afloat. She however pledged NACIIMA’s support to continue to support programmes and activities of the government aimed at improving the economy and giving Nigerians better opportunities.