Buhari’s economic retreat ignored fundamental issues – ACCI
– ACCI is dissatisfied with the President Muhammadu Buhari’s Economic Retreat
– “We had expected the National Economic Council to discuss possible ways of dragging out the Nigerian economy from the present recession.”
A two day retreat aimed at generating immediate, medium and long term viable policy solutions to national economic challenges left the Abuja Chamber of Commerce and Industry (ACCI) extremely dissapointed.
The organization, which represents the common interests of the business community in the Federal Capital Territory, has described the retreat as insufficient and failing to address fundamental issues or meet the expectations of Nigerians who advocated it.
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Mr Tony Ejinkeonye, president of ACCI, said: “We had expected the National Economic Council to discuss possible ways of dragging out the Nigerian economy from the present recession.
We expected to witness a conference where economic experts and stakeholders would join hands on approaches that would be geared towards rejuvenating the economy of our dear nation.”
The ACCI also insisted on the Organised Private Sector (OPS) involvement in the process to develop a realistic, measurable national economic recovery strategy, with clear milestones.
“We also believe that it is time to co-opt economic experts into the National Economic Council, given the current economic crises,” he said.
Among other organisations being able to offer assistance and monitor that governments’ economic policies implementation the German Economic Team, White House National Economic Council and United Kingdom Government Economic Service were mentioned.
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Mr Ejinkeonye added: “These sets of individuals also ensure that the government agenda are incorporated in the policy implementation. We believe that the government can emulate this model, which in our opinion can yield positive results.
We were astonished with the development. The CBN had in November 2015 eased the MPR from 13 to 11% and the CRR from 25 to 20% in order to advance the economy and boost critical growth sectors.”
An anonymous presidency official commented on the issue: “There is no way the federal government would leave out the private sector.
In the first place, the ACCI did not mention what the fundamentals were but about 70 resolutions were reached at the economic retreat and government would work with these resolutions to revamp the nation’s economy.”
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