NACCIMA predicts Nigeria’s economy to rebounce soon 

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Nigeria’s economy will rebounce soon — NACCIMA
The President of NACCIMA, Bassey Edem

The Nigerian Association of Chambers of Commerce,Industry,Mines and Agriculture(NACCIMA) in it opinion has said the nation’s economy which was on bleak between June and November, this year with a few encouraging signs which saw the nation’s foreign reserves increasing steadily since mid-October,

Bassey Edem, President of NACCIMA, at a press conference in Lagos, expressed optimism that the economy will rebound, if the Federal Government harmonizes its monetary and fiscal, and designs policies that promote free enterprise for the growth of the economy.

“This is the time to reconstitute the economic team to include representatives of the Organized Private Sector. It is also time to reconstitute the boards of federal parastatals to bring all hands on deck,’’ Edem said.

NACCIMA boss urged the federal government to assess the current economic policies so as to aid in the design formulation of policies in the coming years for the benefit of the citizenry.

Edem restated that a single digit interest rate is critical to stimulating the real sector of the economy, enhance access to finance and increase economic activity in the country.

“We acknowledge the work of Federal Government in ensuring that special intervention funds are available to business operators at single-digit rates, however, we counsel that the conditions required to access these funds be revised to facilitate increase in the number of business operators,” he added.

The president also said in order to achieve the desired recovery and growth as targeted in the 2017 Budget, government needs to ensure that there is a lot of manufacturing activity to boost the economy through the provision of infrastructure, access to foreign exchange and improving the ease of doing business within the sector.

He said: “There is the need for the real sector to produce and be functional, while operators in the non-oil sector should be given incentives that will boost their operations in the sector’’

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