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By Merit Ibe
The Nigerian Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA) Council has called for accelerated disbursement of funds under the Economic Sustainability Plan (ESP).
The Council made the call in one of its resolutions, describing it as an urgent, strategic option to consolidate the recent modest gain reflected in the 0.11% Gross Domestic Production (GDP) growth in the last quarter of 2020, which indicated that the economy was technically 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 and rising foreign and domestic debt.
It advised that steps be taken to consolidate the gain and upscale growth, which can be done through immediate disbursement of funds under the various stimulus packages.
This, it said was to increase the momentum of economic activities especially through the Small Medium Enterprises (SMEs), that are the target of the stimulus packages including the N50billion SME survival funds and other funds specifically allocated to support women-owned businesses.
Welcoming 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, 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.
The meeting stressed the need for effective security across the country to ensure safety of lives and property and ensure a conducive environment for businesses to thrive.
National President of NACCIMA, Hajiya Saratu Iya-Aliyu presided over the council meeting, which was attended by representatives of the Minister of Industry Trade and Investment, Otunba Niyi Adebayo, the FCT Minister, Alhaji Muhammad Bello, Executive Director, NEPC, Otunba Segun Awolowo.
Also present was the Managing Director, the Nigeria Export Processing Zones Authority, Prof. Soji Adesugba.
Members of NACCIMA Council from chambers across the country attended the meeting.
