The Nigeria Association of Chambers of Commerce, industry, Mines and Agriculture (NACCIMA), has commended the handling of the economy by the current administration but however, decried inflation rate of 11.02 per cent as at August fueled by high food prices at 13.17 per cent in the same month.
Its National President, Hajiya Saratu Iya Aliyu in a congratulatory message to mark the nations 59th independence said economic growth appears to be slowing down at 1.94 per cent while inflation remains in double-digits at 11.02 per cent fueled by high food prices at 13.17 per cent.
She regretted that the unemployment rate has been rising, standing at 23.1 per cent as at the third quarter of 2018 signifying that 20.9million people are unemployed. The NACCIMA chief said industrialisation also appears to be progressing at a slow rate, with industries contributing about 23 per cent to Gross Domestic Product (GDP).
She encouraged the government to do better and work towards the goal, noting that public discuss have remained largely the same with internal security, corruption, infrastructure, diversification of the economy, ease of doing businesses and macroeconomic stability dominating the space.
Others are youth empowerment, social welfare, environmental degradation, climate change and regional economic integration.
She said: “While our Association applauds the gains made by the Federal Government in its fight against corruption, foreign exchange stability, focus on improving ease of doing business, increased capital expenditure, and a focus on Agro value chains. There is still more work to be done, to achieve inclusive economic growth, co-prosperity, and sustainable development with the potentials to “unleash the giant Nigeria truly is”.