Nigeria yet to exit recession — KWACCIMA
The Kwara Chambers of Commerce, Industry, Mines and Agriculture (KWACCIMA) has said that Nigeria is yet to exit recession contrary to reports from officials on the issue. The Chairman of KWACCIMA, Prince Ayo Fagbemi, while fielding questions from our reporter in his Ilorin office, said the indices of recession are still much in the country. […]
The Kwara Chambers of Commerce, Industry, Mines and Agriculture (KWACCIMA) has said that Nigeria is yet to exit recession contrary to reports from officials on the issue. The Chairman of KWACCIMA, Prince Ayo Fagbemi, while fielding questions from our reporter in his Ilorin office, said the indices of recession are still much in the country.
The country, against all expectations, was reported to have exited recession as its Gross Domestic Product (GDP) grew by 0.11 per cent in the last quarter of 2020 (year on year).
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But according to Fagbemi, the country in practical terms is still battling recession as variables and indices of economic hardship are apparently with us in Nigeria.
“As of today, the prices of goods and services are still very high. Farmers are unable to farm amid the activities of kidnappers and banditry. This has led to the scarcity of farm produce in the market while the few available commodities are beyond the reach of the common man.
“It is not yet time for celebration over the exit of recession. It is not over until it is over. Why would there be jubilation while farmers can’t go to the farm because of the fear of being kidnapped. How do we get commodities to the market if all these challenges are still around?” he queried.
He added that the business environment in Kwara State hasn’t been conducive as a result of the pandemic, the reason the planned Kwara trade fair was suspended.
“Prices of commodities in recent times have witnessed unprecedented hike. What you bought yesterday cannot be the same price as today. Things are as hard as that,” the KWACCIMA boss affirmed.