Business leaders urge CBN to implement policies to mitigate COVID-19 impact

Business leaders in Akwa Ibom State have called on the Central Bank of Nigeria (CBN) to implement policies that would assuage the economic impact of COVID-19 pandemic.

They made the call in Uyo, the state capital, during a business summit tagged ”Leading in the midst of uncertainty” organised by Community Stakeholders for Social Good(CSforSG).

The founder of the group, Manti Umoh explained that such policies have become necessary to forestall the collapse of the economy which she said could also have human, social and political consequences.

She added that poorly designed stimulus packages can have negative, long-lasting consequences on trade and welfare, recalling the experience of 2008-09 economic crisis.

“The coronavirus pandemic has created massive uncertainty in our country and our state. The economic consequences of the COVID-19 pandemic call for urgent policy responses to keep the economy afloat and enable people to retain their jobs and incomes.

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“Most of the measures envisaged at present are macroeconomic in nature, focussing largely on the provision of emergency liquidity by central banks. These measures all proceed from the urgent need to prevent a catastrophic economic collapse that would have dire human, social, and health consequences.”

Udoh explained that while the trade impact of these measures may not be a prime concern of governments at present, experience from the crisis of 2008-09 suggests that poorly designed stimulus packages can have negative, long-lasting consequences for trade and welfare.

“This crisis will catalyze some huge changes,” she said, adding that COVID-19 will force a rebirth of many industries as “we all sit, re-assessing and re-imagining modes of consumption, supply, interaction and productivity.”

Also speaking, Onofiok Luke, a federal lawmaker, urged leaders at all tiers of government not to use the pandemic as an excuse for weakening democratic institutions, fundamental rights and further exclude political participation.

He urged leaders especially those in governments to meet people at the point of their needs by social inclusion such as provision of cash transfers, improved access to education and health care, state-owned health insurance scheme as well as protection from food disruptions.

Keynote speaker at the event, Udom Inoyo noted that leadership was germane to the success of businesses, adding that before any business survives amid the COVID-19 pandemic, leaders must among other things, ‘pull together a network of like-minded entrepreneurs for a symbiotic ecosystem of local businesses. He, therefore, called for partnership between business owners and government in order to have robust and vibrant economy.