The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture has called on the government to review the policies that stifled business establishments last year.

This was stated by the president of the association, John Udeagbala, in his New Year’s message, in which he pointed out that 2022 will be a year with significant economic complications, marked by a post-covid-19 recovery and the protracted Russia-Ukraine war that has added to the global inflationary spiral.

According to him, the country in 2022 witnessed a high cost of energy; a general increase in the cost of doing business; an astronomical increase in the prices of goods and services; an increase in public debt with tepid GDP growth and high interest rates, which had an adverse impact on the private sector.

He added that the resulting tough economic environment has had a negative impact on many companies and has made it difficult for many of them to survive.

All of this, he said, has led to rising inflation, a high unemployment rate, while wage levels have been stagnant or declining in real terms, due to the weakening of the local currency.

Udeagbala said: “Despite all of the above, we must continue to weather the storm clouds in the Nigerian economy by advocating for policies that improve the ease of doing business. The unfavorable economic environment should seriously concern the government and emphasize the need to partner with the private sector to formulate policies that will improve feasible solutions to the economic challenges facing the country.

“The new year 2023 opens a window for the government to properly review and remove the policies that have stifled viable business establishments and handicapped well-established private companies that are currently struggling. NACCIMA, being a leading member of the OPSN, is willing to partner with the government to find ways to ensure economic growth and transformation in the country.”

He also urged Nigerians to take advantage of the upcoming elections to elect political leaders who will boost the country’s economic growth.

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