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Budget delay hampers economic growth - NACCIMA

Posted by By FEMI OSU on 2005/05/24 | Views: 391 |

Budget delay hampers economic growth - NACCIMA


The Director General of Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Mr Lawrence Adekunle has blamed low pace of economic development on delay in budget implementation, stressing that the trend has negatively affected investment in the country.

The Director General of Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Mr Lawrence Adekunle has blamed low pace of economic development on delay in budget implementation, stressing that the trend has negatively affected investment in the country.

Adekunle made this statement in Lagos at the first quarter economy review of NACCIMA.
His words: " The first quarter of the economy witnessed a very low performance and worsened by the delay in releasing the budget, which was only passed and signed into law in April 2005.
“Though the government is striving to revive the economy, some success had been recorded in the area of communication, naira stability, external reserves among others.”

He maintained that despite the success, the first quarter of this year had witnessed a decline in average productivity due to low purchasing power, rising cost, poor infrastucture facilities, inadequate credit facilities among others. He, however, called on the government to diversify the non-oil sector of the economy and partner with the organised private sector as they are capable of creating employment and generate more revenue than the oil sector if properly maintained.


•L-R: NDDC Managing Director, Hon Emmanuel Aguariavwodo and the NDDC Chairman, Ambassador Sam Edem at the inauguration of the newly constituted board by President Obasanjo. PHOTO: BAYO OBISESAN


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