COVID-19 compounds Nigeria’s economic woes — NECA

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COVID-19 compounds Nigeria’s economic woes — NECA

By Victor Young

Nigeria Employers’ Consultative Association, NECA, on Tuesday in Lagos, said the COVID-19 pandemic had compounded the nation’s economic woes, raising the alarm that Nigeria’s economy was characterised by rising poverty, rising debt profile, increasing inflation, weak value of Naira, unprecedented unemployment and reduced government revenue, among others.

Speaking at NECA’s 63rd Annual General Meeting, AGM, meeting in Lagos, its President, Mr Taiwo Adeniyi, lamented that the coronavirus had worsened Nigeria’s challenging, unpredictable, unfriendly, non-competitive and unstable economy.

He insisted that COVID-19 had further underscored the urgent need to diversify the nation’s sources of foreign exchange earnings instead of over-depending on the oil sector.

Adeniyi argued that this was the best time for the Federal Government to fast-track the full deregulation of the downstream sector of the petroleum sector and channel the proceeds into funding…



Source: Vanguard Newspaper