Thursday, October 1, 2020

NACC seeks urgent diversification into the non-oil sector

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The Nigerian-American Chamber of Commerce (NACC) has called for the adoption of a national value-driven guidance with an emphasis on non-oil diversification to mitigate the impact of COVID-19 on the economy.

Asue Ighodalo, chair of the Nigerian Economic Summit Group, made the call in a statement issued after a webinar hosted by NACC.

The statement was signed by Mr. Sola Obadimu, Managing Director, NACC on Monday.

The Nigerian News Agency (NAN) reports that the webinar had as the theme: “Nigerian Economic Outlook: 2020 and beyond”.

Ighodalo said there is a need for an urgent rejuvenation of the nation’s economy to stimulate job creation and improve the standard of living report from the August NACC webinar.

He also called for an economy driven by the private sector to facilitate growth and development.

Ighodalo said the pandemic had negatively impacted Nigerian industries with some collapsing and others on the brink of closure, particularly micro, small and medium-sized enterprises.

“Despite the gradual reopening of the economy, we observe that economic activities remain weak.

“It is, therefore, very important to ensure a synergy between fiscal and monetary policies and the correct implementation of the Economic Sustainability Plan to stimulate the economy and generate employment.

“Uncertainties and structural bottlenecks must be addressed to encourage local and foreign investment to generate a post-COVID-19 economic recovery.

Ighodalo said, “There is also a need to address the country’s current growing debt profile and consider the impact of the country’s population growth relative to gross domestic product.”

In his remarks, NACC National Chairman, Chief Toyin Akomolafe, Chief Toyin Akomolafe said the chamber will continue to support and contribute its share to the national economic recovery.

“The chamber is on a course of rejuvenation that depends on closer relationships with its main stakeholders and a greater emphasis on all member service issues,” he said. (YAYA)

ngr.com

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