The Council of the National Association of Chambers of Commerce Industry, Mines and Agriculture (NACCIMA) has called on Government to expedite disbursement of funds under the Economic Sustainability Plan (ESP).
The Council made the call in one of its resolutions, describing it as “an urgent, strategic option to consolidate the recent modest gain reflected in the 0.11% GDP growth in the last quarter of 2020 which according indicates that technically the country is out of recession.”
In a statement, NACCIMA noted that the GDP growth was too little considering; high rate of inflation, unemployment, increasing Foreign and domestic debt among other challenges the nation is currently facing.
“Steps should therefore, be taken to consolidate the gain and upscale growth and this can be done through immediate disbursement of funds under the various stimulus packages. This is to increase the momentum of economic activities especially through the SMEs who are the target of the stimulus packages including the N50billion SME survival funds and other funds specifically allocated to support Women owned businesses.” The statement read.
National President of NACCIMA, Saratu Iya Aliyu
The Council also welcomed 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.
IT however, advised that the organized private sector be involved through Chambers across the country in the disbursement of the Export Development Funds in particular while calling for improvement of security across the country to ensure safety of lives and property to create the appropriate environment for businesses to thrive.
The National President of NACCIMA, Saratu Iya Aliyu presided over the Council meeting which was attended by representatives of the Hon Minister of Industry Trade and Investment, Niyi Adebayo, the FCT Minister, Muhammad Bello, Executive Director of Nigeria Export Promotion Council, Segun Awolowo, the Managing Director of the Nigeria Export Processing Zones Authourity, Prof Soji Adesugba. And members of NACCIMA Council from Chambers across the Country