The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), has called on the federal government to ensure improvement in internally generated revenue (IGR) and block leakages caused by corruption, inefficiency and poor policy implementation in order to exit the country out of its present economic doldrums.
The body noted that based on current economic indicators, if the government can consistently implement and efficiently monitor its fiscal and monetary policies, medium, long term plans and strategies such as the Economic Recovery and Growth Plan (ERGP), the nationâ€™s economy will swiftly improve and the recession short-lived.
The National President, of NACCIMA, Mrs. Alaba Lawson gave the advice at a media on the review of the state of economy and other trending socio-economic issues.
She traced the current economic situation to over-dependence on oil, persistent increase in inflation, unemployment and interest rates, the unstable foreign exchange system that has drastically reduced investorsâ€™ confidence and failure of government to successfully diversify the economy.
Lawson, who though, lauded the ERGP programme, called on all ministries, departments and agencies of government in charge of key activities to set out measurable guidelines of their programmes which can be tracked and evaluated.
On Nigeriaâ€™s external debt profile, the association is of the view that if the government must continue to borrow, it must be for investments and capital projects and not for consumption like paying of salaries.
It counsels the Central Bank of Nigeria to put measures in place to mitigate the risk of sudden reduction in revenues from crude oil and to monitor policies which will strengthen the naira as well as ensure stability and better naira/dollars exchange.
NACCIMA restated its call for a single digit interest rate system, noting that high interest rates have been a major impediment to enterprise development.
It added that although the power sector plays a major role in the nationâ€™s industrialisation, it has continued to remain a very problematic sector of the economy despite governmentâ€™s effort to improve power supply. NACCIMA recommended that all MDAs who have been assigned key activities under the power programme in the ERGP, to state the progress they have so far achieved from the 32 key activities under the power programme and provide specific timelines on how they intend to achieve the power sector recovery plan.