Nigeria’s economic outlook gloomy – NACC

The Nigerian American Chamber of Commerce (NACC) yesterday warned that the future outlook for Nigeria’s economy remains “gloomy” in the foreseeable future unless “deliberate policy interventions” were undertaken by the federal government. President of the Chamber, Dame Adebola Williams who spoke at the 61st annual general meeting of the chamber in Lagos said the removal […]

The Nigerian American Chamber of Commerce (NACC) yesterday warned that the future outlook for Nigeria’s economy remains “gloomy” in the foreseeable future unless “deliberate policy interventions” were undertaken by the federal government.

President of the Chamber, Dame Adebola Williams who spoke at the 61st annual general meeting of the chamber in Lagos said the removal of Bureau De Change from the foreign exchange allocation had increased forex rates significantly.

According to her, “economic pundits have predicted heightened instability in the coming months if deliberate interventions are not undertaken by the government.”

She said beyond the 2020 pandemic, the nation’s economic standing has been threatened by insecurity, noting that the consequences had negatively affected businesses of members of the chamber who are largely small and medium enterprises (SME) owners.

She therefore charged the government to be up and doing and improve the ease of doing business. “We need the government to put in place conditions that would ensure that businesses can be done better.

“Many things are wrong. Is it power supply you want to talk about? Is it roads? When people who are into farming cannot transport their goods because of banditry, terrorism.”

The Director-General of the chamber, Mr. Sola Obadimu has resigned his appointment while the Director of Communication, Government Relations and Advocacy, Wofai Samuel would be acting until a new DG resumes.