The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture has called on the government to review policies that suffocated business establishments last year.
The president of the association, John Udeagbala, stated this in his new year message, in which he noted that 2022 was a year with significant economic complications, marked by a post-covid-19 recovery and the lingering Russia-Ukraine war that has added to the spiralling global inflation.
According to him, the country in 2022 witnessed a high cost of energy; a general rise in the cost of doing business; an astronomical rise in prices of goods and services; a rise in government debts with tepid growth in GDP and high-interest rates, which had an adverse impact on the private sector.
He added that the resultant harsh economic environment has negatively impacted many businesses and made a lot of them be struggling to survive.
All these, he said, have led to rising inflation, a high unemployment rate while wage levels have remained stagnant or declining in real terms, due to the weakening local currency.
Udeagbala said, “Despite all the above we must continue to weather through the Nigerian economic stormy clouds through advocacy for policies that will enhance the ease of doing business. The unfavourable economic environment should give the government serious concerns and stress the need to partner with the private sector in enunciating policies that will enhance feasible solutions to the economic challenges facing the country.
“The new year 2023 opens a window for the government to appropriately review and jettison policies that have suffocated viable business establishments and have had drawbacks on well-established private companies that are presently struggling. NACCIMA being a leading member of the OPSN is willing to partner with the government on ways to ensure economic growth and transformation in the country.”
He also urged Nigerians to take advantage of the forthcoming polls to choose political leaders that would drive economic growth in the country.
Source: The Punch