NACCIMA canvasses increased support for MSMEs

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has called for more support for the micro, small and medium enterprises (MSMEs).

In a statement signed by Alaba Lawson, national president of NACCIMA, the group says Nigeria’s recent exit from recession after five consecutive quarters of negative growth will be consolidated when there is more funding support and enabling environment for small businesses, agriculture and manufacturing.

According to NACCIMA, there must be tighter control on imports as a way of stimulating local production and empowering the real sector in line with the Federal Government’s Executive Order 003. The group adds that there is a need for the formulation and implementation of policies that can encourage the banking sector lower interest rates to drive growth in the real sector and MSMEs.

“We counsel that the economy is still exposed to external shocks, as it is still largely import-dependent. We call on the government to continue intensified implementation of programmes and strategies geared towards economic recovery, ensuring ease of doing business, infrastructural development and diversification of the nation’s economy,” NACCIMA, a body of all chambers of commerce in the country, says.

NACCIMA attributes 0.55 percent growth recorded in the second quarter of this year, after five quarters of negative growth, to improved monetary and fiscal policies, relative stability of the foreign exchange market, renewed investor confidence, earnest efforts by the private sector and the relative stability of the global prices of crude oil.

The 2nd Quarter GDP report released recently by the Nigeria Bureau of Statistics (NBS) indicates a positive GDP growth rate of 0.55 percent signaling that the nation’s economy is technically out of recession after five consecutive quarters of negative growth of the nation’s economy.

Odinaka Anudu