NACCIMA doubts the ability of the 2022 budget to meet the objective of investing in infrastructure

By Adedapo Adesanya

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) called on the federal government to effectively implement the 2022 budget.

This was made known by the director general of the chamber, Mr. Ayoola Olukanni, noting that the effective implementation of the budget would boost the economic growth and development of the country.

President Muhammadu Buhari on Friday sign the bill credits N17.127 trillion into law.

Mr Olukanni said the real challenge of the budget was to see how it would have a positive impact on the lives of people and various sectors of the economy.

He noted that recent news regarding the modest performance of the agricultural sector and the outlook for the mining sector were sources of some form of optimism in 2022.

However, he doubted the budget’s ability to meet its objective of investing in critical infrastructure to bridge the infrastructure gap and meet the needs of the private sector.

“A significant part of the budget is rightly devoted to the defense and improvement of the interior and the promotion of agriculture and food security.

“However, it is obvious that the budget has been prepared for the 2023 elections.

“Already, the private sector has sounded the alarm on the increasing difficulties in obtaining the foreign exchange necessary for raw materials for the industry, resulting in the high cost of goods and an inflationary trend.

“But perhaps most important is the issue of developing the capacity of the private sector, which should play a key role in budget execution.

“The economy may have grown modestly overall, but it’s still a struggling economy, especially given the deep infrastructure crises.

“We have to make sure that the budget has a significant impact on the energy sector if its impact is to be significant and be a budget for growth and sustainability,” he said.

Mr Olakanni also called for synergy in the implementation of the budget with supporting funding such as the National Register of Guarantees for Micro, Small and Medium Enterprises (MSMEs).

He also called for greater attention to the information and communication technology (ICT) sector because of its key role in recent years and its positive impacts on all sectors of the economy.

DG NACCIMA noted that the potential of the sector has been demonstrated beyond any doubt, particularly in the context of the ongoing COVID-19 pandemic.

“As we continue to live with the pandemic, it is evident that the ICT sector will be essential in helping to maintain the growth trajectory of the economy and also to keep socio-economic, financial and economic activities and transactions on. the right path.

“This is because there will be an increasing reliance on e-commerce and online business activities with people using their phones for business transactions and businesses relying on the Internet and other social media platforms to conduct their activities.

“It should therefore be noted that the 2022 budget has given some attention to improving and upgrading Nigeria’s digital infrastructure, because in 2022 we will certainly see an increase in demand for access to the Internet. broadband service.

“NACCIMA has taken note of the Nigerian Communications Commission pledge at every opportunity lately that it will continue to work to upgrade Nigeria’s digital infrastructure.

“In doing so, it is urgent to integrate the private sector in its plan and in particular in the context of the 2022 budget”, he declared.

Comments are closed.