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NACC canvasses economic stimuli, economic diversification

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To recover from the effects of coronavirus pandemic, the Nigerian-American Chamber of Commerce (NACC) has reiterated the need for economic diversification and development of stimulus packages to drive private sector growth.

Citing the downturn suffered from oil price crash, the Chamber at its August 2020 Webinar Session, themed: “Nigeria’s Economy Outlook: 2020 and beyond,” noted that stimulus packages are necessary to revamp the economy from the present slow growth.

The Chairman, Nigerian Economic Summit Group (NESG), Asue Ighodalo, who is also an NACC Board member, during the session, spoke on the state of the global economy, delving on the impact of COVID-19 on Nigeria’s economic performance to date and outlook for the future.

He lamented the current sorry state of the economy, which he said lacked real depth, even as he expressed regret at the collapse of industries, and called for urgent rejuvenation of the economy to stimulate jobs.

As a way forward, he recommended a private sector-driven economy at a jet speed, referring to the need to adopt a positive and value-driven national orientation, pay particular attention to the need for non-oil diversification, and to address Nigeria’s rising debt profile, amid high population growth in relation to the gross domestic product (GDP).

The National President, NACC, Otunba Toyin Akomolafe, hinted that the Chamber was on a rejuvenation course hinged on closer relations with its primary stakeholders, and a greater emphasis on all membership service issues.

According to him, the Chamber is determined to sustain its efforts in keeping to its mandate by supporting and contributing its quota to national economic recovery efforts.

The Chamber’s Director-General, Sola Obadimu, while giving updates on the activities for the rest year, said emphasis would be on the dissemination of information on the US economic interests in Nigeria, so that Nigerian firms can benefit from such interests.


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