By Industrial Digest
” While we commend policymakers for their interventions in reflating the economy and supporting businesses, we urge that special attention be given to sectors severely impacted by the pandemic. “
Mrs. Toki Mabogunje, the President of the Lagos Chamber of Commerce and Industry(LCCI) said at a press briefing it organised on the state of the Nigerian economy, Tuesday.
“The LCCI notes the weak performance of the economy at sectoral level, particularly among key sectors with potentials to drive economic diversification.
“Our analysis of the numbers shows 19 sectors contracted, 14 are in recession, 11 sectors expanded, and two sectors had moderation in growth., ” she said.
In her words, some sectors that grew in the first quarter plunged into contraction in the second quarter, while some others maintained their position in the recessionary territory.
“The Federal and State Governments need to expeditiously redirect attention to these sectors including aviation, hospitality, entertainment, and manufacturing.
“This has become necessary to protect jobs, preserve investments and provide the much-needed liquidity required to revive these sectors.,” she said.
She said that the Chamber acknowledges the various interventions of the fiscal and monetary sides of authorities in mitigating the adverse impact of the pandemic on economic and business environment.
“We recognize in particular the Nigerian Economic Sustainability Plan, which contains a N2.3 trillion stimulus package, equivalent to 1.5 percent of GDP.
“We commend the Federal Government for the implementation of N75 billion Micro, Small and Medium Enterprises (MSMEs) Survival Fund and Support Initiative. We believe the scheme will help micro and small businesses in sectors severely affected by the pandemic in meeting their payroll obligations and would also help to protect jobs in the MSME space..”