COVID-19: NACC Seeks Urgent Diversification Into Non-Oil Sector

Nigerian-American Chamber of Commerce (NACC) has called for adoption of a value-driven national orientation with emphasis on non-oil diversification to mitigate the impact of COVID-19 on the economy.
Mr Asue Ighodalo, Chairman, Nigerian Economic Summit Group, made the call in a statement issued after a webinar organised by NACC.
The statement was signed by Mr Sola Obadimu, Director General, NACC on Monday.
The webinar had as its theme: “Nigeria’s Economy Outlook: 2020 and Beyond”.
Ighodalo said there was the need for urgent rejuvenation of the nation’s economy to stimulate job creation and improve report from the NACC’s August webinar standard of living.
He also called for a private sector-driven economy for facilitated growth and development.
Ighodalo said the pandemic had negatively impacted Nigerian industries with some collapsing, and others at the verge of shutting, particularly the micro, small and medium enterprises.
“In spite of the gradual reopening of the economy, we observed that economic activities remain weak. It is, therefore, very important to ensure a synergy between fiscal and monetary policies and proper implementation of the Economic Sustainability Plan to stimulate the economy and create jobs. Uncertainties and structural bottlenecks must be addressed to encourage local and foreign investments to engender economic recovery post COVID-19”.
Ighodalo said, “There is also need to address the country’s current rising debt profile and consider the impact of the country’s population growth in relation to the gross domestic product”.
In his remarks, the National President of NACC, Chief Toyin Akomolafe, Chief Toyin Akomolafe said the chamber would continue to support and contribute its quota to national economic recovery.
“The chamber is on a rejuvenation course hinged on closer relations with its primary stakeholders and a greater emphasis on all membership service issues”.