By Bimbola Oyesola
Nigeria’s economy may be heading towards precipice unless urgent action is taken by the Federal Government to ensure the survival of the economy.
This is the view of the members of the Organized Private Sector of Nigeria (OPSN) comprises Manufacturers Association of Nigeria (MAN), Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Nigeria Employers’ Consultative Association (NECA), Nigeria Association of Small Scale Industries (NASSI) and Nigeria Association of Small and Medium Enterprises (NASME).
Addressing the media at a world press briefing yesterday at the NECA office in Lagos, Mr. Taiwo Adeniyi, who is the current Chairman of the
Organized Private Sector of Nigeria (OPSN) and also President of NECA noted that while there are ongoing efforts by Government at all levels to ensure the sustenance and development of the Nigerian economy, it is obvious that more needed to be done and urgently too to ensure the survival of the economy.
“As at today, it is obvious that the Nigerian economy is challenged on many fronts and unless crucial economic reform and political will are demonstrated, the teething problems might cripple the economy,” he said. According to him, Nigeria having experienced two recessions within the last five years, the economy is currently grappling with the worst economic growth in the country’s history.
He warned that with inflation rate of 18.12 percent (as at April 2021); high unemployment of about 33.3 percent; worsening insecurity level and the negative effects of the global pandemic, the nation definitely needs to take proactive and definite steps to remain competitive and attractive to investors.
The OPSN chairman who blamed government policy inconsistencies for most of the economy problem said it was the reason why it has become imperative for the Organised Private Sector of Nigeria (OPSN) to share its views and recommendations with government on issues that are of critical importance to it and the Nigerian economy.