The Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA Council has called on Government to commence immediate and accelerated disbursement of funds under the Economic Stability Programme, ESP. The Council made the call in one of its resolutions, during its first quarter meeting 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 debt.
Steps should therefore be taken to consolidate the gain and upscale growth and 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 target of the stimulus packages including the N50billion SME survival funds and other funds specifically allocated to support Women owned businesses.
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 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 Hon Minister of Industry Trade and Investment Otunba Niyi Adebayo, the FCT Minister Alh Muhammad Bello, Executive Director Nigeria Export Promotion Council, Otunba Segun Awolowo. Also present was the Managing Director the Nigeria Export Processing Zones Authourity, Prof Soji Adesugba. Members of NACCIMA Council from Chambers from across the Country attended the meeting.