The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) Council has called on the Federal Government for an accelerated disbursement of funds under the Economic Sustainability Plan (ESP).
The Council made the call in one of its resolutions at its 2021 first quarter meeting held in Abuja, describing it as an urgent, strategic option to consolidate the recent modest gain reflected in the 0.11 per cent GDP growth in the last quarter of 2020, which indicates that technically the country is out of recession.
The Council was, however, of the view that the GDP growth was too little and not significant in the face of high inflation, unemployment, increasing foreign and domestic debts. Steps should, therefore, be taken to consolidate the gain and upscale growth. 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 arget of the stimulus packages including the N50billion SME survival funds and other funds specifically allocated to support Women owned businesses, the Council said.
The Council also welcomed the plans by 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 of Commerce across the country in the disbursement of the Export Development Funds in particular.
In addition, the Council meeting stressed the need for effective security across the country to ensure safety of lives and properties and ensure appropriate environment for businesses to thrive.
The National President of NACCIMA, Hajiya Saratu Iya Aliyu, presided over the Council meeting, which was attended by representatives of the Minister of Industry Trade and Investment, Otunba Niyi Adebayo; the FCT Minister, Alhaji Muhammad Bello; and Executive Director, Nigeria Export Promotion Council, Otunba Segun Awolowo.
Also present was the Managing Director the Nigeria Export Processing Zones Authority, Prof Soji Adesugba. Members of NACCIMA Council Chambers from across the country were in attendance.
