Oiwona Launches Two Books

 

BUSINESS NEWS

WE ARE  PARTNERING WITH GOVERNMENT, ET’AL--Adeniji

by Leo Ezekiel

 

Speaking as the chairman of Organized Private Sector of Nigeria (OPSN) and Adeniji stated that they are partnering with the government and other stakeholders at a press conference held at Nigeria Employers Consultative Association (NECA) Alausa, Ikeja, Lagos adding that the challenges facing the economy has compelled them to be in partnership with the government and other relevant  stakeholders so as to reduce the effects of poverty and inflationary rate in the body polity.

Speaking again to the audience Adeniji informed that Organized Private Sector of Nigeria comprises Manufacturers  Association of Nigeria (MAN) Nigeria Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA) Nigeria Employers Consultative Association (NECA) Nigeria Association of Small Scale Industries (NASSI) and Nigeria Association of Small and Medium Enterprises (NASME) adding that the OPSN has been a critical stakeholder in the Nigeria project and a credible partner to Government in the quest for the growth and development of the nation and as well as there are ongoing efforts by Government at all levels to ensure the sustenance and development of the Nigerian economy as he added that it is obvious that more needed to be done and urgently too because the survival of the economy.

Speaking again to the audience the chairman of OPSN stated that in view of the happenstance, it has therefore become imperative for the OPSN to share her views and recommendations with Government on issues that are of critical value to her and the nation economy adding that as at today, it is quite true that the nation economy is heavily challenged on many fronts and unless critical economy reforms and political will are demonstrated as the teething hecks might devastate the economy.

The chairman of OPSN noted that they have experienced two economic recessions within that last five years that the economy is presently crawling with the worst economic growth in the nation’s history. He noted that the inflation rate is standing at 18.12% (as at April 2021) with high unemployment of about 33.3%, alarming worsening insecurity level and the open negative effects of the world pandemic, as the country apparently needs to take a productive and right steps to remain competitive and attractive to investors. 

Speaking further to the audience Adeniji noted that it is still alarming that the largest economy in Africa is also one of the most challenged as Nigeria, which has the global’s highest number of extremely poor citizens, is on track to set yet another record, the highest unemployment rates adding that in the list of 82 countries monitored by Bloomberg, that a third of the labor force is unemployed or works for just a few hours per a week, second only to Namibia. 

He noted again that it is vital to note that Nigeria’s unemployment rate is the highest among the African top ten largest economies. Adeniji said that they cannot deny that the increase in unemployment in 2020 represented a slowdown in economic activity owing largely to global pandemic and the resultant drop in demand for oil that led to drop in oil policies over the last five years, unemployment has more than quadrupled and the world bank cautioned ever before the coronavirus pandemic that Nigeria could house a quarter of the poorest people in the world within a decade.

Again, Adeniji noted that there is no one size fits all solution to salvaging an economy facing multi-faceted challenges like Nigeria, the business community and key stakeholders in the nation project believe that the economy can still undergo an economic, renaissance that would place it among the world top economies in other to achieve the desired goals, which would be meaning fully reflected in the wellbeing of her people adding that  they are suggesting a mix of fiscut, monetary and trade policies with political will in delivering the necessary impetus as highlighted below:

·         Access to foreign exchange for productive activities.

·        Provide more access to available intervention funding windows

·        The implementation of Africa continental free Trade Area (ACFTA) agreement

·        Increase stakeholders engagement and sensitization on the agreement.

·        Rising insecurity

·        High and rising unemployment rate: A ticking time bomb

·        Attract investments and unlock dead/idle government assets.

·        Diversification of the productive base of the economy from crude oil.

·        Policy consistency and synthesis in the management of the economy.

In concluding his unimaginable and heavily well researched press release Adeniji noted that the disruptions in the global economy as a result of Covid-19 pandemic notably in lowering oil price, which is the major revenue source for the nation and perceived risk in foreign direct investment among other risks portends huge challenge in achieving the economic development proposed by this administration, most especially in lifting 100 Million people out of poverty rank adding that they applaud PMB for his strides and genuine efforts at solving the myriads of challenges facing the country, most especially in the wake of the Covid-19 pandemic as they affirmed that a more elaborate effort and collaboration with private sector would reduce the burden in the long run.

Adeniji noted that more attention should be given to Public Private Partnership (PPP) as a way to address the huge infrastructure deficits as it is their belief that implementing the PPP initiative in provision of the country is critical infrastructure decent and sustainable jobs would be provided and desirable number of persons would be lifted out from the poverty rank even before the desired 2030.

Adeniji says that they are re-affirming their commitment as organized businesses to partner and collaborate with Government in the onerous quest to make Nigeria the giant of Africa indeed. When the press conference rose, questions were fielded by journalists for a clearer elucidations and of a truth all the heads of various OPSN scholarly and deeply threw more lights from the fall out of the press conference.