NACCIMA calls for proper synergy between monetary and fiscal policies to engender inclusive growth and development

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The NACCIMA Council rose from its 2020 4th Quarter meeting to issued communiqué drew attention to the need proper synergy of monetary and fiscal policies that will engender inclusive growth and development in some strategic sectors such as agriculture, manufacturing and mining.

The NACCIMA Council Meeting which was held in Port-Harcourt, Rivers State on the November 26, 2020, was presided over by its National President, Hajiya Saratu Iya Aliyu and attended by members of Chambers of Commerce from across the country with a call on Government at all levels to henceforth fully involve the Organised Private Sector of Nigeria (OPSN) and private sector operators in the articulation and subsequent implementation of policies.

 

The Council was of the firm view that as the country searches for a way out of economic recession, Government must work closely with the private sector which will have a key role to play if the goal of early recovery will be met in the first quarter of 2021 as being

 

 

According to the report, the Council meeting and other activities was hosted by the Port-Harcourt Chambers of Commerce, Industry, Mines and Agriculture (PHACCIMA) and was attended by the River State Governor, H.E. Nyesom Wike.

 

At the meeting, Governor, Nyesom Wike was represented by the Honorable Commissioner for Commerce and Industry Rivers State Government, Dr. Ify Nwankpa

Also the Council drew attention to the fact that the 3rd Quarter contraction of the Economy was foretold in view of the COVID-19 Pandemic, the drop in crude oil prices, and the civil unrest that ensured. All of these issues require robust response in close cooperation with the OPSN.

 

Furthermore, the Council drew attention to the need proper synergy of monetary and fiscal policies that will engender inclusive growth and development in some strategic sectors such as agriculture, manufacturing and mining. Most importantly, the OPSN must be taken on board in the articulation of policies, policy implementation, and the process of monitoring and evaluation.

 

The Council made it cleared that diversification must be given more serious attention and the Economic Sustainability Plan should be faithfully implemented in a way to ensure quick impact to tackle the issues of unemployment and infrastructural development.

 

Council also calls for closer involvement of OPSN and Private Sector operators in articulation and implementation of Economic Policies.

 

The council was of the firm view that as the country searches for a way out of economic recession, Government must work closely with the private sector which will have a key role to play if the goal of early recovery will be met in the first quarter of 2021 as being predicted by the Minister of Finance, the CBN Governor and others in government circles.

As part of the occasion, the Council made a courtesy call on the Governor of Rivers State, which was led by the National President, Hajiya Saratu Iya Aliyu, who commended the State government for the massive infrastructure development which was having significant impact on commerce and economic activities beyond the oil and gas sector which the state was well known for.

 

The occasion of the Council meeting ended with a gala dinner was attended by top dignitaries from the public and private sectors, as well as, traditional rulers. The occasion presented an opportunity for cutting of the Anniversary cake, as part of the NACCIMA@60 celebrations, which had commenced in October, 2020.

 

 

 

 


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