The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has expressed reservations and cautioned that though Nigeria has exited recession, the economy is still exposed to external shocks as the country is still heavily import-dependent.
According to a statement by the chamber signed by National President, Chief Alaba Lawson, of NACCIMA, the group attributes 0.55 percent growth recorded in the second quarter of this year, after five quarters of negative growth, to improved monetary and fiscal policies, relative stability of the foreign exchange market, renewed investor confidence, earnest efforts by the private sector and the relative stability of the global prices of crude oil.
“We counsel that the economy is still exposed to external shocks, as it is still largely import-dependent. We call on the government to continue intensified implementation of programmes and strategies geared towards economic recovery, ensuring ease of doing business, infrastructural development and diversification of the nation’s economy,” NACCIMA, a body of all chambers of commerce in the country, says.
The Nigeria Bureau of Statistics (NBS) indicates a positive GDP growth rate of 0.55 percent indicating that the nation’s economy is technically out of recession after five consecutive quarters of negative growth of the nation’s economy.
NACCIMA, however, is of the view that more support is required for MSMEs and agribusiness, while there must be tighter control on imports as a way of stimulating local production and empowering the real sector in line with the Federal Government’s Executive Order 003.
The group added that there was a need for the formulation and implementation of policies which can encourage the banking sector lower interest rates to drive growth in the real sector.