Subsidy intervention key to businesses’ survival, NACCIMA tells FG

The president of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Otunba Dele Oye, has told the federal government to speed up subsidy intervention to save businesses that are collapsing.

Oye, who made the call yesterday in Abuja at NACCIMA’s third quarterly meeting, urged the federal government to act fast in addressing the fiscal challenges currently experienced by businesses following subsidy removal.

Speaking further, the NACCIMA president called for the retention of subsidies in other sectors of the economy and the need to reduce interest rates to a single digit.

“There is an urgent need  to retain subsidy in other sectors of the economy and also review interest rate at single digit which is the only way businesses can survive and production can continue.

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“In America, subsidy on agriculture is 100%, so Nigeria cannot say everything has to be done at market price,” he added.

Earlier in his remarks, the President, Abuja Chamber for Commerce and Industry (ACCI), Al-Mujtaba Abubakar, called for synergy between relevant MDAs and NACCIMA to iron out areas where subsidy intervention can be channelled to save dying businesses.