Abuja Chamber rallies support for FG’s economic plan

The Abuja Chamber of Commerce and Industry (ACCI) has said that full implementation of the Federal Government’s Economic Recovery and Growth Plan (ERGP) would bring about economic prosperity for Nigerians.

ACCI’s President, Mr. Tony Ejinkonye, made expressed the optimism in an interview with the News Agency of Nigeria (NAN) in Abuja on Saturday.

Ejinkonye further said it was essential that Nigerians appreciate the efforts of the current administration to steer the economy away from recession.

“On ERGP, first and foremost, it should be appreciated that government is apprehensive and making effort to get the country out of recession, as quickly as possible,’’ he said.

He also said it was important for Nigerians to know that ERGP differed from previous plans in several ways.

Ejinkonye noted that focused implementation remained the core of the delivery strategy of ERGP.

According to him, there is a strong political will and determination at the highest level of government to implement the plan over the next three years, more than ever before.

Ejinkonye said it was necessary that the personnel’s of Ministries, Departments and Agencies (MDAs) de-emphasised self, while playing their distinct roles in implementing the plan.

He, however, stressed the need to vigorously pursue the new initiatives of the plan.

The initiatives he said include; increasing oil production to 2.5 mbpd by 2020, privatising selected public enterprises and assets and revamping local refineries to reduce petroleum product imports by 60 per cent by 2018.

According to him, it is also imperative for the Ministry of Budget and National Planning to build up its capability for robust monitoring and evaluation of the implementation processes of the plan.

“I believe in the ERGP and will advise that we give government a benefit of doubt while we all monitor the implementation of the plan.’’

On non-reduction of prices of goods and services, despite Central Bank of Nigeria (CBN) provision of forex, he said that several factors contributed to the recent inflation rate in Nigeria.

According to him, besides the scarcity of foreign exchange, the cost of doing business generally is high, adding that currently the phenomenon is rising in Nigeria.

Ejinkonye said the development was responsible for the high cost of living in the country.

He also identified other factors contributing to exorbitant cost of doing business such as high interest rate and lack of critical infrastructure, especially stable electricity.

The ACCI boss said it would take some time for the improved supply of foreign exchange to manifest positively in the cost of production in the country.