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Business News of Tuesday, 21 June 2022

Source: www.thisdaylive.com

ICSAN calls for probe of key sectors of Nigerian economy

Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN)

The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) has called for the probe of key areas that contribute to the growth of the Nigerian economy.

It says the dwindling reserves have continued to lead to the rise in unemployment and the loss of jobs as the ability to make purchases had become extremely difficult with the average Nigerian being the victim.

President of the council, Gbenga Taiwo Owokolade who stated this on Tuesdayy during a briefing to commemorate 50 years of the existence of ICSAN which will be marked on Wednesday, said the cost of production will remain terrible once the dollar continues to soar against the naira.

With the theme of the celebration titled “External reserves Dynamics and governance challenges” Owokolade lamented that the falling reserves have a huge implication on the economy.

He said if small businesses don’t contribute considerable to the economy, then the foreign reserves will continue to fall and as such, there’s need to make lots of money from small businesses.

“External reserves keeps coming down and this has huge implication in the economy. It will affect individuals as well. Compare the rate of the naira to the dollar. Many are saying it might rise to a thousand or a thousand and five hundred naira to a dollar. What’s the implication on the average person?

“Imagine people depending on generator and diesel for their businesses. This only shows how difficult it will be for the manufacturing sector. Having access to the final products will also be difficult.

“If small business don’t contribute considerable to the economy, then the foreign reserves will continue to fall. We can make lots of money from small businesses.

“Critical issues like that if subsidy is affecting the external reserves. So this theme is at the heart of the survival of the average Nigerian. Government’s efforts is not best enough. This is not about criticising its policies, but critiquing it.”