• PRP faults W’Bank, IMF, canvasses homegrown policies
• NBA tasks Tinubu on policy to cushion economic pressures
Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has decried the continuous mass exodus of businesses from the country, attributing the trend to the ineffective monetary policies of the Central Bank of Nigeria (CBN).
However, the Peoples Redemption Party (PRP) has urged President Bola Tinubu to jettison economic policies recommended by the World Bank and International Monetary Fund (IMF), stressing the need for homegrown measures that reflect Nigerians’ needs.
Also, the Nigerian Bar Association (NBA), Ikeja Branch, has called on Tinubu to put in place policies and effective measures to reduce economic pressures on the citizens.
In a statement, the National President of NACCIMA, Dele Oye, hinted at strategies and policies to reverse the trend and create a more favourable business environment to attract and retain businesses.
He said, “NACCIMA is deeply concerned about the alarming continuous trend of companies, including notable entities like Pick ‘n’ Pay, exiting Nigeria. This situation is largely attributed to ineffective monetary policies from the CBN, which have resulted in substantial foreign exchange losses for businesses.
“Compounding this issue are the opaque practices within the oil and gas sector under the Nigerian National Petroleum Corporation (NNPC), leading to inflation in gas and petrol prices after the removal of subsidies.”
To reverse this trend and create a more favourable business environment, NACCIMA proposed the implementation of transparent and stable policies that will encourage investment and stabilise the naira.
It added, “Under no circumstances should the naira exceed 1,000 to one dollar. Further, the CBN needs to positively discourage individuals and businesses from holding their monies in foreign currency in domiciliary accounts, a programme of continuous appreciation of the naira, among others.”
PRP described the twin policies of currency devaluation and removal of subsidy as externally imposed and anti-people measures that have precipitated significant hardships for the Nigerian population.
The party in a statement, yesterday, by its National Chairman, Falalu Bello, lamented that despite the anti-people policies, the present administration persisted in a flawed narrative devoid of practical alternatives.
Bello maintained that the statement credited to Vice President KashimShettima that there were no alternatives to the policies stands in stark contradiction to the basic tenets of economics, which advocates the exploration of alternatives in addressing socio-economic challenges.
NBA also called on the Federal Government to reverse the latest increase in the pump price of Premium Motor Spirit (PMS) across the country as well as the 250 per cent hike in electricity tariff.
The Chairman of Ikeja NBA, Oluwaseyi Olawumi, made the call yesterday while addressing newsmen in Lagos on fuel price hikes, inflation, and rising cost of living.
He urged the present administration to halt all anti-people policies that engender hunger and insecurity in the country.
