ICCI urges FG to consolidate on economic growth

The Ibadan Chamber of Commerce and Industry (ICCI) has urged the Federal Government to consolidate on the nation’s economic growth and create friendly business environment.

Mr Sola Abodunrin, the President, ICCI, gave the advice in Ibadan on Thursday at the chamber’s 2020 Annual General Meeting (AGM).

Abodunrin said it was relieving that the economy came out of recession at the end of 2020 but it was “still very weak’’.

He said there was hence the need to strengthen it through implementation of good policies.

The ICCI president noted that the growth sector of the economy was the ICT with 14 per cent in 2020, as a result of the COVID-19 pandemic which increased the usage of voice and data in telephony.

Abodunrin said that all attempts should be made to reduce the cost of governance that was now extremely high.

On debt, he said that the nation’s debt was getting to a situation of “worry’’.

“As at the last quarter of 2020, the government debt is over 32 trillion dollars.

“This makes debt service to be 59.6 per cent of the nation’s revenue. A lot of money that would have been used to develop the economy is now being used to service debt.

“Though, debt as of GDP ratio is 21.6 per cent and is still very low compared with other countries,’’ he said.

Abodunrin said that in spite of the challenges occasioned by the pandemic in 2020, the year ended on a positive note for the chamber.

He urged government at all levels to see the private sector as partner in progress, hence the need for more collaboration.

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Abodunrin suggested the roll out of more bailouts, especially as many businesses were folding up due to the hardship brought by the pandemic.

“The chamber has continued to sustain the existing relationship with the Oyo State Government and all its agencies to ensure that the interest of the private sector is protected,’’ he said.