The Nigerian organised private sector (OPS) has urged the Federal Government to take decisive steps to rescue the economy from total collapse.
The OPS comprising Manufacturers Association of Nigeria (MAN), Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Nigeria Employers’ Consultative Association (NECA), Nigeria Association of Small Scale Industries (NASSI) and Nigeria Association of Small and Medium Enterprises (NASME), spoke at a news conference in Lagos, listing rising insecurity, unemployment, inflation, poor purchasing power, increasing external borrowings, poor infrastructure, the dwindling value of the naira, among others as stifling the economy.
Taiwo Adeniyi, who doubles as chairman of the OPS and president of NECA, speaking at the news conference pointed to the devastating effects of the insecurity on the economy in terms of investment and growth of the agricultural sector, saying this calls for urgent action.
Adeniyi said that the economy, with its enormous potential, would attract further investment, resulting in the creation of more jobs, and grow if security threats were reduced.
“It is evident that there is a dearth of both foreign and domestic investment inflows in the last four quarters and this can linger for a longer period unless drastic steps are taken to address the menace.
“Adequate funds should be allocated to national defence to reflect the importance of national security as we face multiple threats from bandits, Boko Haram and other undesirable elements in all geographical zones.
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“The need to continually motivate the men and women of the Armed Forces and other para-military agencies through the provision of the necessary equipment to combat the security menace cannot be over-emphasised,” he said.
The chairman attributed the insecurity and rate of kidnapping and other social vices to the high rate of unemployment in the country.
According to him, this data comes with serious social and economic consequences if the underlying issues are not quickly addressed.
“We urge the government to refocus its efforts on supporting organised businesses to increase production capacity, which will invariably enable them to create more jobs.
Verifiable support should be given to Micro, Small and Medium Enterprises (MSMEs).
“This is to enable growth from the bottom up and a critical impact-audit of current interventions made to determine their effectiveness and relevance in the context of current realities,” Adeniyi said.
Also speaking, Saratu Aliyu, president, Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), urged the government to cooperate fully with OPSN to address the economic challenges.
Aliyu said: “We keep stressing that whenever the government is formulating policies for us to use for our businesses, we should have inputs.
“This will enable business people to operate comfortably and do their businesses in the manner that will benefit Nigerians.”
