World News – UK – NECA Calls for Urgent Economic Recovery Efforts – Vanguard News

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The Nigeria Employers’ Consultative Association (NECA) has called for urgent economic recovery efforts in light of gross domestic product (GDP) data released by the National Bureau of Statistics (NBS). .

The general director of the NECA, Dr. Timothy Olawale, who made the call in a statement on Saturday, said the data confirmed the nation had entered a recession.

Olawale said, « NBS’s report showed the country’s GDP growth fell by 3. 62 percent in the third quarter of 2020 after an earlier decline of 6. 1 percent in the second quarter.

“In summary, GDP for the first to third quarters of 2020 was -2. 48 percent; Oil GDP fell by -13. 89 percent of -6. 63 percent in the second quarter of 2020 and non-oil fell -2. 51 percent of -6. 05 percent in the second quarter of 2020.

The director general identified the cumulative impact of the COVID-19 pandemic on the Nigerian economy and the lockdown it brought with it as contributing to the negative contractions.

He noted that given the high rate of inflation and unemployment, which lowered the exchange rate of the naira and other macroeconomic indices, an urgent reassessment and reassessment of the government’s economic policies was needed.

The NECA boss said there was an urgent need to increase aggregate demand in the economy in order to stimulate economic activity.

“The government should make more tax cuts to encourage corporate capital investment while encouraging local and foreign investment.

“The government should accelerate the implementation of measures to further diversify its export potential, especially its vast natural and agricultural resources, in order to relieve pressure on currency reserves.

« We are calling for more robust and comprehensive expansionary fiscal and monetary policy packages to quickly get the economy out of the current crisis, » said Olawale.

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