The Director-General of NECA, Dr Timothy Olawale, while responding to a damning economic report by the National Bureau of Statistics (NBS) on Monday, said: “The economic data released by the National Bureau of Statistics (NBS) is a call to urgent action. The economic contraction, leaving GDP growth rate at -6.10% is not only alarming but also worrisome.”
He said while it was expected that the Covid-19 pandemic would create economic shock and disrupt business activities, recent releases have shown that the level of shock and disruption was highly underestimated.
While shedding light on the realities and consequences of the economic slide, the NECA boss said, “It is highly worrisome that the economy is facing unusual times, similar to the pre-2016 recession. A period of increasing inflation, unprecedented high youth unemployment and underemployment rate, the dwindling value of the naira occasioned by limited access to foreign exchange and a negative growth rate.”
Olawale urged the government to “take a bold step in stopping the slide by refocusing monetary and fiscal policies to support economic sectors that have potentials for large scale production and employment as a means to kick-start the economy.
