… wants FG to reconstitute boards of parastatals to avoid corruption
As the current economic team continues to struggle with emerging issues in the country, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) wants the Federal Government to review the composition of the team to include representatives of the Organised Private Sector (OPS) so as to pull the economy out of recession within the shortest possible time.
Bassey E.O. Edem, national president, NACCIMA, who said this at a press conference in Lagos on Thursday, pointed out that the input of the private sector would add fresh ideas to policy frameworks and enable Nigeria regain its status as Africa’s investment destination.
“The economic team, as presently constituted, is made up of the vice president and the cabinet. They are all part of the government. The input of the private sector is needed at this time to add flesh and fresh ideas,” Edem said.
According to Edem, it had been over 10 months since the boards of parastatals were dissolved but these critical entities had been operating without boards, stressing that this was unconstitutional and improper.
“Apart from it being illegal for the parastatals to operate without boards, the non-reconstitution of various boards encourages corruption and ineptitude. We canvass as a matter of utmost urgency that the government reconstitute the boards to encourage prudence, effective decision making, transparency and accountability,” he said.
The NACCIMA boss commended the Federal Government for increasing the capital expenditure by O.7 percent (30.7%) in the 2017 budget, stressing that next year could be good if certain conditions were met.
“I do not see us getting out recession in 2017, but we think by the time we get to the fourth quarter, we will be on the path of getting out of recession. However, that is if the employment is generated; if the rails are working as promised; if the capital expenditure is implemented,” he said.
He stated that issues such as foreign exchange crisis and policy inconsistencies of the government contributed to the failure of the 2016 budget to make impact on the lives of Nigerians, saying that such mistakes should be avoided in the coming year.
Edem foresaw a good 2017, given the government’s emphasis on agriculture and entrepreneurship, saying that the focus on these key areas could help resolve unemployment crisis in the country and encourage inward-looking economy.
“I have heard the president say something will be done about the 41 items banned from the foreign exchange market. If the 41 items are in FX market, the pressure on the market will reduce,” he said.
He stressed the need to reduce the interest rate on loans which are nearing 30 percent in some banks, stressing that doing so would stimulate the real sector.
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