Business & Economy News

Companies Are Struggling to Meet Obligations in Nigeria — British Chamber

By Providence Ayanfeoluwa

The Nigerian British Chamber of Commerce, NBCC, has charged the federal government to urgently mop up excess cash in circulation as well as curb inflation which closed last year at 28.92 percent.

Speaking at a media briefing in Lagos, President of NBCC, Mr. Ray Atelly, said that a lot of the well-run companies in Nigeria are beginning to struggle to meet their obligations.

He stated: “This is quite ominous. Who knows what may happen next. Whatever the solution may be, government must act with urgency like never before.”

He said it is time to stop printing Naira and worsening money in circulation, recommending, “Let us instead start mopping up excess cash and start curbing 28.92 percent inflation. How can money supply grow from 53.1 trillion in January 2023 to 78.7 trillion in December of same year without a corresponding increase in Gross Domestic Product, GDP?”

Atelly said the only way to save Nigerians from further agony is by treating the threat posed by hunger and idleness in the country.

He added that it is important to provide export incentives so as to start exporting in good numbers and earning forex.

He said: “It is time to Produce. Let us produce with rudimentary tools and upscale as we go along. Produce as a National policy and flood our markets with made in Nigeria manufactured goods. It is time to wake up from the dream that Nigeria is a rich country”. 

“It is time we stopped importing tradesmen from Benin Republic, Togo and Ghana while our youths engage in mischief without future direction. It is time we implemented a population policy that can reduce our population growth rate of 2.4 percent far below our GDP growth of 2.5 percent. Real development cannot take place under such a static situation. We can achieve five percent GDP growth if it becomes a national agenda”.

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