Follow Us on Google
The Nigerian-British Chamber of Commerce (NBCC), has called for a drastic cut in the volume of naira in circulation and incentivice manufacturers and export oriented non-oil industries to reduce the pressure on the nation’s currency.
President of the chamber and chairman in council, Rey Atelly made the assertion yesterday in a press conference entitled: “The economy is the last hope of the common citizen,” where he also noted that Nigeria can achieve 5 percent gross domestic product (GDP) growth if it becomes a national agenda.
Atelly called for implementation of a population policy that can reduce the country’s population growth rate of 2.4 per cent far below our GDP growth of 2.5 per cent, adding that real development cannot take place under such a static situation.
“We can achieve 5 per cent GDP growth if it becomes a national agenda.
“Today, the government is inaugurating a committee to discuss and agree a new minimum wage. Whatever conclusions this group of eminently qualified Nigerians reach at the end, it
may still not be enough to take care of the needs of workers, unless we equally take steps to shore up the value of the Naira. If we drastically cut down on the volume of Naira in circulation and then incentivise manufacturers and export oriented non-oil industries, the pressure on the Naira shall reduce drastically.
“Let all urgent steps be taken to provide export incentives so that we may start exporting in good numbers and earning forex.”
The NBCC boss noted that it was time to stop printing Naira and worsening money in circulation.
“Let us instead start mopping up excess cash and start curbing 28.92 per cent inflation.”
He queried how money supply grew from 53.1trillion in January 2023 to 78.7 trillion in December of same year without a corresponding increase in GDP, advising that “the National Assembly should take far reaching steps to cut the cost of governance in Nigeria, starting with the National Assembly numbers.
While the institution remains an icon of our democracy, we should consider reducing the number of elected representatives at both Chambers and re-channelling such funds saved into a massive training programme for Nigerian youths.”
In a survey conducted by the chamber, Atelly said the issues most critical to its members in the course of doing business in Nigeria included insecurity, inflation, Naira exchange rate, floatation of the Naira, unending tax audits, multiplicity of taxes, too frequent changes in government policies, currency exchange risks to investors, economic volatility among others.
Due to these challenges, he noted that a lot of well-run companies in Nigeria were beginning to struggle to meet their obligations, calling on government to act with urgency and bring a solution to the pain points.
“Whatever the solution, we believe that the time to act is now. Every challenge has a solution. We are more interested in the solutions than in the lamentations.
“This is quite ominous. It is time we changed our strategy. It is time we stopped conducting business as usual and fighting corruption while Nigerians starve without seeing the war booty.”
He said it was time the country began to produce as a national policy and flood markets with made in Nigeria manufactured goods.
“It is time to produce. Let us produce with rudimentary tools and upscale as we go along.”
It is time to wake up from the dream that Nigeria is a rich country. We are not rich when we have over 100 million citizens living below the poverty line. Poverty is everywhere and all around.”
Atelly pointed out the need to work with key private sector players with alternative views to advance well thought out government policies, so that their implementation will be much faster and far reaching.
“Hunger knows no tribe, faith or party. It cuts across them all. The only way to save Nigerians from further agony, is by treating with urgency the threat posed by hunger and idleness in our country.
“It is time we ended Tax Audits and highly publicised tax raids that do more harm than good to the reputation of Nigeria and the Nigerian economy. It is time we stopped giving the world the impression that Nigerian companies are tax evaders. For these are our business associates who might pull out of vital projects, as a result, leading to a loss of investment inflow and employment opportunities.
No one group has all the answers. And the business of governance is complex and convoluted. There are lots of contending views even within the corridors of power. But we understand the economy and the pain points of our members, who tirelessly work hard to ensure that our people still have jobs, at great cost.
Nigeria has great untapped potential. It is time to stop praising and start taping.”
The chamber said it would soon launch the NBCC women and youth entrepreneurship development centre, to boost capacity of women and youth to contribute to economic growth.
