In a press statement signed by Iyalode Alaba Lawson, National President, NACCIMA said the Quarter 2, GDP report released by the Nigeria Bureau of Statistics (NBS) has indicated a positive GDP growth rate of 0.55% signaling that the nation’s economy is technically out of recession; this is after 5 consecutive quarters of negative growth of the nation’s economy.
In the statement, “the Association attributes this Q2 growth to improved monetary and fiscal policies adding that the relative stability of the foreign exchange market, renewed investor confidence, earnest efforts by the private sector as well as relative stability of the global prices of crude oil.
“The NACCIMA however counsels 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.
Lawson further urged all stakeholders that more support is required for MSMEs, Agribusiness, 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, formulation and implementation of policies which can encourage the banking sector lower interest rates crucial to growth in the Real sector. With these in place, the Association expects to see further economic growth in subsequent quarters, he added.