By 9jaeye 
The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has openly criticized the National Bureau of Statistics (NBS) for releasing GDP growth reports that fail to reflect the harsh economic realities faced by Nigerians. While the NBS reported a slight growth in the country’s Gross Domestic Product, NACCIMA insists the figures do not align with the everyday experiences of businesses and consumers.
Indeed, NACCIMA President, Dele Oye, has pointed out that while official statistics might indicate growth, the cost of living continues to soar. Furthermore, the prices of basic goods and services have skyrocketed, sometimes even tripling. This surge, according to Oye, stems directly from the removal of petroleum subsidies, which has drastically increased transportation and production costs.
Moreover, the effects of these rising costs are evident across multiple sectors. For instance, higher logistics expenses have led to inflated prices of food, manufactured goods, and essential commodities. Additionally, NACCIMA argues that businesses are grappling with escalating borrowing costs, further exacerbated by unfavorable monetary policies, including foreign exchange liberalization.
Notably, the manufacturing sector has been hit particularly hard. According to NACCIMA, the sector’s contribution to GDP has declined sharply due to increased import prices of machinery and raw materials. Furthermore, the cost of financing for businesses has risen significantly, leaving many companies unable to sustain operations or expand production.
Proposed Solutions to Economic Challenges
To address these concerns, NACCIMA has called for urgent intervention. The association suggests adopting policies that promote economic inclusivity and reduce inflationary pressures. Additionally, it recommends a reduction in interest rates to ease the financial burden on businesses.
Call for Accurate Economic Reporting
In conclusion, NACCIMA urges the government to ensure GDP reports reflect the true state of the economy. Accurate data, it argues, is vital for designing policies that will alleviate the struggles of Nigerian businesses and households. Only then can the country achieve sustainable economic growth.
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