The National Chambers of Commerce Industries Mines and Agriculture (NACCIMA) has proffered adoption of urgent and appropriate recovery measures to halt the trend of recession in the country through release of funds to all sectors of the economy.
The Director General, Ayo Olukanni, emphasised that government should focus on how to support the MSMEs in particular, and ensure the effective implementation of the Economic Sustainability Plan.
Olukanni noted that the COVID-19 pandemic had led to workforce depletion, either through corona-virus infections or the mitigation policies of social distancing and isolation to stop the exponential spread.
“The pandemic also affected the global price of crude oil and consequently a negative impact on government revenue and foreign exchange reserves.”
This, he said, necessitated the association’s projection that by the end of the year, Nigeria could “officially” be in the state of economic recession and any speedy recovery (as always) would depend on government policies.”
The NACCIMA boss advised that government at all levels should resist the urge to tax or place an economic burden on the citizenry, as this would stifle economic activity and persist the cycle of recession.
“We further counsel that government at all levels adopt policies that mitigate workforce depletion (i.e. encourage production processes that reduce corona-virus infections, emphasise early detection with adequate facilities for isolation and treatment) and stimulate economic activity by creating a regulatory environment that ensures that citizens take on productive activities.”