EbeneInfo – GB – NECA calls for urgent economic stimulus effort – Vanguard News

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The Nigeria Employers’ Consultative Association (NECA) called for an urgent economic stimulus effort in light of gross domestic product (GDP) data released by the National Bureau of Statistics (NBS)

NECA Director-General Dr Timothy Olawale, who launched the appeal in a statement on Saturday, said data confirmed the country had entered recession

Olawale said: « The NBS report showed that the country’s GDP growth fell 362% in Q3 2020 after an earlier contraction of 61% in Q2

« In summary, Q1 to Q3 2020 GDP was -248 percent; oil GDP fell -1389 percent from -663 percent in Q2 2020 and non-oil fell -251 percent -605 percent in Q2 2020

The Director-General identified the cumulative effects of the COVID-19 pandemic on the Nigerian economy and the resulting lockdown as contributing factors to the negative contractions

He noted that with the high level of inflation and unemployment rate, which reduces the exchange rate of the naira and other macroeconomic indices, there was an urgent need to reassess and reassess the policies government economic

NECA boss said there is an urgent need to increase aggregate demand in the economy in order to boost economic activities

« The government should give more tax cuts to promote business capital investment while encouraging local and foreign investment

« The government should accelerate the implementation of policies aimed at further diversifying its export potentials, mainly the huge stock of natural and agricultural resources, in order to reduce the pressure on foreign exchange reserves

« We call for stronger and more comprehensive expansionary fiscal and monetary policy programs to quickly pull the economy out of the current crisis, » Olawale said

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EbeneInfo – GB – NECA calls for urgent economic stimulus effort – Vanguard News

Source: https://www.vanguardngr.com/2020/11/neca-calls-for-urgent-economic-recovery-effort/

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