As the International Monetary Fund (IMF) and other bodies release relief to Nigeria to beat the scourge of COVID -19, Managing Director of WestAfricaENRG, Paul Ocallaghan, has called on the Federal Government to make judicious use of the funds, while empowering small scale enterprises (SMEs) and local industries to help the economy recover fast.
Ocallaghan, who made his opinion known in a chat in Lagos, commended the Federal, Lagos and Ogun states governments for their efforts at containing the spread of the disease, and looking after health, hoping that there would not be a second surge of the virus.
“Health first. When you shut the economy people die. You got to look after people’s health. My point of view is that the Federal, Lagos and Ogun states, have done a fantastic job in controlling the spread of the virus. I can see we are slowly going to open up again, let’s pray we don’t get a second surge, as the lockdown is gradually easing.” He noted that with the fall in oil price, which has affected the economies of the world, Nigeria was going to suffer. “Not only Nigeria but globally,” pointing out that if the interventions are well channeled, the development of the economy will come fast after the pandemic.
The company, which is the largest private Landfill Diversion company in West Africa, with focus on diverting waste from landfills and reducing greenhouse gas emission, according to Ocallaghan is running a critical service, but as a result of the lockdown, occasioned by the pandemic, the company’s operation has been significantly affected and therefore, reduced to 50 per cent of its capacity for now.
On her part, the Chief Operating Officer of the company, Lolade Oresanwo, who commended the Federal, Lagos and Ogun states for their efforts at mitigating the suffering and effect of the pandemic on the economy and Nigerians, added that they have shown good intention to give stimulus funds and working capital to companies. She hoped that the right companies get the funds.
“If the fund at five percent is available to SMEs and industries, it can stimulate their business and they can pay staff and continue to function.”
She further urged the Federal Government to encourage and empower businesses and industries at this critical time, saying government needs to provide a soft landing for SMEs in forms of loans, increase moratorium, adding that with that, everyone will recover faster and better.