Nigerian-American Chamber outlines economic recovery measures

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By Naomi Uzor
he Nigerian-American Chamber of Commerce, NACC, has outlined key measures the government should take to save the economy from the prevailing stress.

Speaking at the NACC breakfast meeting tagged “Getting Nigeria out of Recession: How the 2017 budget Affects Business Outlook”, the president of NACC, Chief Olabintan Famutimi, said one of the key areas in which the business community has been critical of the management of the economy is the lack of sufficient involvement by the private sector in the constitution of the nation’s economic management team.

Olabintan Famutimi

He stated: “Suffice to say that there can be no logic in leaving out the people who carry the can and face the problems in the economy from day-to-day.

“The least government can do is to employ them actively in the effort to find solution to the nation’s economic quagmire. We believe these are areas which the Federal Government should seriously make amends in the interest of the economy.

The NACC boss also advised the government to address the long outstanding issue of power shortages lamenting that the non-resolution of the crises has adversely affected the economy.

He also canvassed for completion of the Calabar-Lagos and the Kano-Lagos railway lines and the East-West road, saying that the advantages in the completion of these capital projects are too many.

“They will enhance a more efficient distribution of goods and services, free the roads of a lot of trailers, employ a lot of Labour and make for efficiency. The current system of distribution in the country is dangerous, inefficient and archaic.”

Famutimi, however commended the government for deploying a number of policies towards the diversification of the economy which he said would lead to increase in productivity in the agricultural and industrial sectors, and ultimately make the Nigerian economy to emerge stronger.

But he faulted Central Bank of Nigeria, CBN ‘s multiple foreign exchange rates, saying: “ it creates distortion in the economy and will be counter-productive to any efforts in streamlining the economy and will inevitably, encourage corruption.”


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