By Merit Ibe
The Nigeria Association of Chambers of Commerce Industry Mines and Agriculture ( NACCIMA) has expressed concern over the worsening socio-economic cthat has left many industrial and manufacturing concerns in comatose, urging the government to save the economy from shutting down.
President of NACCIMA, John Udeagbala, made the call yesterday, at a First Quarterly Press Briefing on the state of the economy,where he noted that despite the solutions proffered by the Association to government to ameliorate the hardship, economic losses and sufferings the private sector went through last year, the situation seems not to abate.
The NACCIMA boss lamented that many industries have closed down and many more Nigerians joined the unemployment market, leading to increased poverty with its consequences.
Giving an overview of the socio-economic condition bedevilling the economy, he said the fiscal and monetary policies were at variance with unclear policy on currency depreciation.
“The GDP is on a downward spiral year-in, year-out with inflation and exchange rates sky-high and worrisome.
“The level of insecurity in the country is not only harming economic activities but also a threat to our political structure as it might disrupt the coming 2023 general elections except urgent steps are taken to not only contain but also curb insecurity in the country.”
With the challenges he listed, Udeagbala was optimistic they could be addressed through appropriate policy mix and implementations towards stronger economy recovery.
With respect to the next month’s general elections, the NACCIMA president called on agencies of government responsible for organising the 2023 general elections, including security agencies, political parties, politicians and their supporters to work towards ensuring peaceful atmosphere that guarantees the rights of every eligible Nigerian to participate fully and cast their votes without fear and rancor.
Udeagbala also decried the overshadowing effect of politics over economics in managing the Nigerian economy, saying government cannot afford to make mistakes in the organisation of a free and fair election, which will help to position the nation among the comity of nations and result in more foreign direct investments.
He cited the reoccurring pattern where Nigeria’s presidential candidates run to Chatham House in London to discuss the challenges of Nigeria’s political economy instead of engaging with the Organised Private Sector of Nigeria (OPSN).
“The OPSN and Nigerian people are the ones who bear the brunt of economic hardships in Nigeria, so why go to Chatham House London to discourse domestic challenges that are domiciled in Nigeria. NACCIMA and the OPSN want the establishment of our own Chatham House here in Nigeria where our socio-economic challenges are discoursed and solutions proffered to the challenges locally.