ACF lauds exit from recession, NACCIMA expresses doubt

The Arewa Consultative Forum (ACF) has commended the Federal Government’s exit from recession.

A statement by the National Publicity Secretary, Muhammadu Ibrahim Biu, said: “The forum urges the Federal Government not to rest on its oars until the living conditions of the ordinary Nigerians are improved through sustained economic policies and prudent management.”

The statement added that conscious efforts should be made to improve on the value of the naira and merger of the foreign exchange market to reduce round tripping.

According to the group, the positive report by the National Bureau of Statistics (NBS) showed that the exit was driven by improved performance in the oil, agriculture, trade and the manufacturing sectors of the economy.

The ACF further commended the Federal Government for resuscitating the Mambilla Power Project, which was abandoned 45years ago, adding that its completion would add more megawatts to electricity generation.

But, despite the report, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, (NACCIMA) has expressed doubt that the recession is over.

According to a statement statement by its President, Mrs. Alaba Lawson, the economy is still fragile, as it is still exposed to external shock, because it is still largely import-dependent.

Lawson urged the Federal Government to intensify the implementation of programmes and strategies for the country’s economic recovery.

She urged government to accelerate the ease of doing business, boost infrastructure development and diversify the economy.

The president also urged more support for MSME’s, agribusiness, tighter control on imports towards stimulating local production and empowering the real sector, in line with the Federal Government’s Executive Order 003.

She called for the formulation and implementation of policies that would encourage the banking sector to lower interest rates to grow the real sector.