ECCIMA raises alarm, says Nigeria in depression  

Unless the federal government urgently empanels a crack economic team, Nigeria’s economy may be finally grounded any moment from now.

This was the conclusion of the Enugu State Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) which said Wednesday, that “The economy is gradually being plunged into a depression, contrary to claims making the rounds in government circles that solution to its present state recession is being found”.

Speaking for the chamber, ECCIMA Director General, Emeka Okereke told newsmen, that there are a good number of Nigerians who can proffer solution to the prevailing problems, and that all the president needs is to draw up the experts to be advising him.

He however counseled that the president should be prepared to “heed their advice to enable us come out of the woods. “

According to him, the chamber is already feeling the impact of the prevailing situation in which families can no longer afford to buy needed items for meals, adding that the south-east geopolitical zone is the worst hit.

He lamented that survival strategies have overtaken investment drive in the system, affecting the productive sector, especially, the Small and Medium Enterprises (SMEs), which is the bed rock of growth of most developing economies.

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The DG said the situation that Nigeria finds itself today is akin to nothing happening as far as the economy is concerned.

On the 2016 budget, ECCIMA rated it low in view of its poor implementation, few months to the end of the year.

To them, the critical factor of the economy, infrastructure base, has remained untouched neither is the recurrent expenditure receiving better attention given the huge arrears of salaries owed civil servants.

Stressing further on the performance of the south east economy, which is based on commerce, the chamber said trading activities had almost come to a total halt, with the import of goods at an all-time low since January 2016.

The Manufacturers Association of Nigeria (MAN) had also recently called for urgent attention to be paid to the productive sector to avoid its total collapse, citing some negative factors including: higher interest rate, scarcity of dollars and exorbitant cost of importing raw materials as issues to be addressed.

By Emma Eke….

 

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