The Lagos Chamber of Commerce and Industry has warned the Federal Government to find urgent solutions to the issues of Nigeria’s growing debt burden; inflationary pressure as well as the worsening foreign exchange crisis in order to save the ailing economy.
The President of the Chamber, stated in his address during the chamber’s quarterly economic outlook press conference held in Lagos. He said the combined forces of rising inflation, worsening disruption to supply chains due to the war in Ukraine; and the fragile recovery from the Covid-19 lockdown, had all heightened the concerns about stagflation, worsened poverty, and recession.
He further noted that despite the 3.11% GDP growth announced by the National Bureau of Statistics in the Q1 of 2022; the economy was still facing a wide range of issues that have exacerbated Nigerians’ standard of living.
The chamber proposed a unification of the forex market. A sentiment earlier echoed by World Bank Group President, David Malpass, during IMF/World Bank Spring Meeting.
-Punch