Economy: ACCI urges policy review, increased private sector partnership

The Abuja Chamber of Commerce and Industry has called on the Federal Government to significantly adjust its policy on business and financial support for the private sector during the pandemic to halt the declining state of the economy.

ACCI President, Adetokunbo Kayode, in a statement, was reacting to the second quarter report of the Nigerian Bureau of Statistics which disclosed that Nigeria’s Gross Domestic Product contracted by 6.10 per cent in the second quarter of 2020.

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Kayode stated: “We note the report of the NBS on the poor state of the economy with concern. We’re particularly touched by the devastating effects of inflation and rising unemployment on the purchasing powers of Nigerians.

“The negative impact on our members are devastating as factories are closing or scaling down to minimal production due to low sales, high material cost and negative complications within the economy.

“The report is a wakeup call on the administration to review current policies and engage genuine businesses in the implementation of sectoral support. Our members are mostly SMEs and we regret to note that support for them are almost non-existent.

“What happen here in Abuja Chamber is virtually the same scenario all over the 36 states where the Chambers of Commerce are side-lined in the disbursement of palliative and support”.