Nigeria’s Economy: NACCIMA Makes Case For Private Sector

Director-General of Nigerian Association of Chambers of Commerce, Mines and Agriculture (NACCIMA), Dr. John Isemede, Monday, said that the Nigerian economy should be driven by the private sector.

Isemede told newsmen in Lagos that the “private sector is the engine of growth“ in advanced economies and the only solution to the challenges in the economy.

“The Federal Government should work to make the private sector run the economy, while it focuses on making and enforcing economic policies and collection of taxes.

“The private sector seems to operate consistently because the regular government changes makes policy inconsistency and implementation challenges prevalent,” he said.

Isemede said that government should focus on creating an enabling environment for the private sector to lead business growth in the country.

He said that private sector had the capacity to accelerate industrialisation process and open up access to capital for entrepreneurship.

“Ordinarily, non-national banks are mainly interested in using customers’ deposits to assist businesses to grow, “ he said.

Isemede said that the activities of banks in the economy could be effectively influenced by the private sector operators.

“Government should only be concerned about taxes to provide the necessary infrastructure and create the ambience for enterprise to thrive,” he said.