Moses Uwagbale
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has tasked the Federal Government on the accelerated disbursement of funds under the Economic Sustainability Plan (ESP).
The NACCIMA’s council members made the call on Saturday in a statement signed by Mr Ayoola Olukanni, Director-General of NACCIMA, following its concluded first quarter council meeting in Abuja.
The council described it as an urgent strategic option to consolidate the modest gain reflected in the 0.11 per cent Gross Domestic Product (GDP) growth in the last quarter of 2020, “an indication that the country have technically come out of recession’’.
It, however, said that the GDP growth was quite little in the face of high inflation, unemployment as well as increasing foreign and domestic debts.
The council, therefore, proposed that urgent steps needed to be taken to consolidate the gain and upscale growth through the immediate disbursement of funds under the various stimulus packages.
“This is to increase the momentum of economic activities especially through the Small and Medium Enterprises (SME) who are the target of the stimulus packages including the N50 billion SME survival funds and other funds specifically allocated to support women-owned businesses.
“The council also welcome plans by the Nigeria Export Promotion Council (NEPC) to commence disbursement of funds under the Export Expansion Facility including the funds specifically earmarked to support exporters and increase contributions of non-oil exports to GDP.
“The NACCIMA Council advised that consideration should be given to involvement of chambers across the country in the disbursement of the Export Development Funds in particular,” the statement said.
It also stressed the need for effective security across the country to engender safety of lives and properties and ensure the appropriate environment for businesses to thrive.
The meeting was attended by representatives of the Minister of Industry, Trade and Investment, Otunba Niyi Adebayo; the FCT Minister, Alhaji Muhammad Bello and the Executive Director, NEPC, Otunba Segun Awolowo.
The Managing Director of the Nigeria Export Processing Zones Authority, Prof Soji Adesugba, was also present at the meeting.
