Business

Kwara ICAN, ICEN, businessmen differ over Nigeria recession exit

 

The announcement by National Bureau of Statistics (NBS) of the country’s exit from recession has continued to generate mixed reactions from Nigerians.

Financial experts in Kwara State have lend their voices to the discourse, differing on the economic status of the country.

The Kwara State branch Chairman, Institute of Chartered Accountants of Nigeria (ICAN), Pastor Abel Adedogbon stated that the institute fairly agreed with the Federal Government because there are indices that the country is gradually getting out of recession.

The chairman, Pastor Abel Adedogbon, who spoke through the Secretary, Olutade Adebanjo said, “I want to believe that the Federal Government is partially right because from the look of things you will discover that stability is gradually taking place in the economy.

“When the economy is getting stable it will not be an automatic change in situation, but a gradual process with reduction of prices of goods in the market,” he explained.

He then urged government to focus more attention on providing increased incentives for improved production and service delivery in all sectors of the economy and fast-track ease of doing business to boost more investment in critical sectors of the economy.

Similarly, the Institute of Chartered Economist of Nigeria (ICEN) agreed that the country has exited recession but preferred ways to sustain the status.

The Assistant Registrar, ICEN, Mr. Dare Oluwatoyin said that government should mainstream local content policy and get more experts to run key sectors of the economy.

He called on the government to take steps to stop the ongoing industrial actions in the education and health sectors of the economy as well as ensure that the 2018 budget is structured to grow the economy and develop human capacity and approved as soon as possible.

On his part, the Chief Executive Officer of Chinnex Nigeria Limited, Chinedu Eze Enowii said Nigeria cannot be said to be out of recession at this time when there is financial hardship.

“As an exporter of building materials the foreign exchange is still very high with high import tariff that is still killing our businesses. So how can government claim that the country is out of recession?,” he queried.

He urged government to reduce taxes and provide infrastructure for growth of the economy.

Also, the Chairman of Padson Industries, Chief Hezekiah Oladipo Adediji said that the available statistic does not reflect the reality as it affects ordinary Nigerians.

“For any economic recovery to be meaningful, it must positively impact on the masses. There is a different stage Nigeria must go through before the masses will feel the effects of going out of recession.”

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