The Nigerian British Chamber of Commerce (NBCC) has raised alarms about the challenges faced by well-established companies in Nigeria, urging urgent government intervention to address the alarming situation.
Mr. Ray Atelly, the President of NBCC, expressed concern during a media briefing in Lagos, emphasizing that numerous well-run companies in Nigeria are currently grappling with difficulties meeting their financial obligations. He described the situation as “ominous” and stressed the need for immediate government action.
Atelly specifically called for urgent measures to curb inflation, which stood at a staggering 28.92 percent at the close of the previous year. He urged the government to cease the printing of Naira, advocating instead for the removal of excess cash from circulation. Atelly questioned the substantial increase in money supply from 53.1 trillion Naira in January 2023 to 78.7 trillion Naira in December of the same year, without a corresponding growth in Gross Domestic Product (GDP).
“The only way to save Nigerians from further agony is by treating the threat posed by hunger and idleness in the country,” Atelly remarked. He proposed the implementation of export incentives to boost foreign exchange earnings, emphasizing the importance of increasing exports.
Atelly stated, “It is time to produce. Let us produce with rudimentary tools and upscale as we go along. Produce as a national policy and flood our markets with made-in-Nigeria manufactured goods. It is time to wake up from the dream that Nigeria is a rich country.”
The NBCC President also called for an end to the importation of tradesmen from neighboring countries, urging a focus on developing the skills and potential of Nigerian youths. Additionally, he advocated for the implementation of a population policy to reduce the population growth rate below the GDP growth rate, fostering real development in the country.
The NBCC’s urgent call for action underscores the critical need for proactive measures to address economic challenges and pave the way for sustainable growth in Nigeria.