Russia , Ukraine war , post -Covid 19 adds to spiraling global inflation- NACCIMA Boss

Stanley Ihedigbo

National President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) , Ide John Udeagbala, has lamented that Russia and Ukraine war , as well as the Post Covid-19 year added to spiraling global inflation.

Speaking in his New Year message, Udeagbala, said reflection on the year 2022 shows that it was a year with significant economic complications , as results a post-covid year with the lingering Russia-Ukraine war.

” In Nigeria the year witnessed unprecedented high cost of energy, general rise in cost of doing business, astronomical rise in prices of goods and services, rise in government debts with a tepid growth in GDP and high interest rates, (resulting from MPC rate adjustments), from which the private sector experienced a harsh economic environment which has negatively impacted many businesses and led to a situation where a lot of businesses are struggling to survive.

“We thus have on our hands, a case of persistent inflation, high unemployment rate while wage levels have remained stagnant or declining in real terms, due to the weakening Naira.Despite all the above we must continue to weather through the Nigerian economic stormy clouds through advocacy for policies that will enhance ease of doing business.

“The unfavourable economic environment should give the government serious concerns and stress the need to partner with the private sector in enunciating policies that will enhance feasible solutions to the economic challenges facing the country.
“The new year 2023 opens a window for government to appropriately review and jettison policies that have suffocated viable business establishments and have had drawbacks on well-established private companies that are presently struggling,” he explained.

He further said that NACCIMA being a leading member of the Organised Private Sector of Nigeria (OPSN) is willing to partner with the government on ways to ensure economic growth and transformation in the country.

“On our part as members of the Nigerian Chamber of Commerce community, we must keep faith and continue to strive to keep our businesses above waters while NACCIMA as an apex Business Membership Association, will continue to advocate for policies that will enhance ease of doing business and bring about further investments into the economy both locally and through Foreign Direct Investments (FDIs).

“The year 2023 is electioneering year to choose our political leaders that will steer the ship of Nigeria for another four years. Therefore, I urge you to make sure you perform your civic responsibility peacefully by going out on election days to vote according to your conscience and ensure that your vote counts,” he stated.