The Coalition of South South Chambers of Commerce (Fossccima) has decried the current state of stagflation in the country, noting that this coupled with rising insecurity, the organized private sector is been squeezed out of existence.

Speaking at the 3rd quarter Council meeting held at the Port Harcourt Chambers of commerce on 29th July 2022, President Dr. Okon Emah noted that Government needs to urgently intervene to restore security and urgently implement policies that will bolster the naira against the dollar as well as diversifying the economy.

He said that a situation where debt servicing now exceeds the net revenue of the nation is unsustainable and must be corrected as a matter of national emergency.

Emah challenged members to be more united and think out of the box to ensure business continuity in these challenging times. He noted the potential of the nation’s Blue Economy to dramatically revamp the ailing circumstances and encouraged the political will of the government on every level to see economic policies through especially as they affect the littoral states.

“Let us in the Coalition of South South Region (FOSSCCIMA) plan for the good of the Region and the nation at large.”