Recession: NACCIMA Calls for OPS Involvement in Policy Formulation

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By Dike Onwuamaeze

The National Association of Chambers of Commerce, Industry, Mine and Agriculture (NACCIMA) has called on governments at all levels to engage the Organised Private Sector of Nigeria (OPSN) in the articulation and implementation of policies that would rescue the country’s economy from recession.

The NACCIMA said the OPS participation would enable the government to realise its commitment to ensure economic recovery from recession in the first quarter of 2021 as predicted by the Minister of Finance, Budget and National Planning, Mrs. Zainab Shamsuna Ahmed and the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele.

The call was contained in the communique issued by the NACCIMA after its 2020 Fourth Quarter Council Meeting, which was held in Port Harcourt, Rivers State, recently.

The council meeting was attended by members of chambers of commerce from across the country and was presided over by the National President of NACCIMA, Mrs. Saratu Iya Aliyu.

The council noted that the third quarter contraction of the economy was foretold in view of the impact of the COVID-19 pandemic disease on the crude oil prices.

It also called for stronger synergy between monetary and fiscal policies that would engender inclusive growth and development in some strategic sectors such as agriculture, manufacturing and mining.

The council also emphasised the need to pay serious attention to the diversification of the economy and the faithful implementation of the Economic Sustainability Plan in a way that would tackle unemployment and infrastructural development.

Aliyu commended the River State Government for its massive infrastructure development, which is having significant impact on commerce and economic activities in the state.