ONICCIMA decries rising poverty

The Onitsha Chamber of Commerce, Industry, Mines and Agriculture (ONICCIMA) have decried the poor state of the national economy and the rising poverty level in the country.

Uchenna Apakama, President of the chamber made the disclosure to newsmen in Onitsha on Monday. He said that 67.1 per cent of Nigeria’s population lives below a dollar (about N380) per day which has become worrisome.

According to him, power generation is still a nightmare, adding that electricity tariff is soaring with distribution companies unable to provide customers pre-paid meters.

Apakama affirmed that the current economic recession in the country, coupled other macro-economic challenges had continued to pose a threat to the Organized Private Sector (OPS).

“The monetary policy rate is still pegged at a higher rate of 14 per cent since July 2016, with lending rate of between 20 per cent and 30 per cent remaining unattractive to the OPS. “The rate of inflation is almost 18 per cent,” he said

The president said that130 million Nigerians lack adequate sanitation and 57 million lack access to safe drinking water, leading to the death of 45,000 children annually due to diarrhoea.

“Unemployment rate across the land is threateningly high, hovering at 42.24 per cent in 2016, with thousands of graduates joining the labour market every year.

“Corruption, insecurity and crime, including armed robbery, kidnapping, Boko Haram, and the herdsmen attacks are assuming pervasive with horrendous dimensions now than before,” Apakama

He, therefore, urged governments at all levels to take proactive measures in order to reduce the high incidence of poverty in the land.

He, however, commended the Federal Government initiative in establishing the `Ease of Doing Business Commission’ headed by Acting President, Yemi Osinbajo.

He also commended the Central Bank of Nigeria (CBN) for issuing a licence for the establishment of the Development Bank of Nigeria (DBN).

He said that it would bring succour to the industrial and other strategic sectors of the economy.

While lauding the decision to establish the South-East Economic Integration, he urged the governors of the zone to show political will and commitment to the project.

 

Emmanuel Ndukuba