The President, NACCIMA,
Abubakar in a media briefing on the state of the nation stressed that the fixed charge of between N90, 000 and N200, 000 based on MYT02 retail tariffs for commercial and industrial purposes is also considered too high for
"Therefore, we urge that there should be no fixed charge to consumers, businesses and industries," he added.
He however blamed the Central Bank of
He noted that at 12 per cent MPR, interest rates will continue to rise thereby increasing the cost of borrowing, discouraging investments and hindering economic development.
"On monetary policy, while we have commended the Central Bank of
He advised that the MPR should be reduced to less than 5 per cent to enable banks lend to private sector at less than 10 per cent interest rate in order to make the Organised Private Sector (OPS) thrive and boost productive capacities to create more jobs to reduce unemployment and poverty level in the country.
"We also know that there are intervention funds from CBN,
He said according to available statistics on macro-economic indicators and variables from the CBN and the
He noted that inflation rate went up marginally from 7.7 per cent in
He stated that the association is still worried about the policy of 24 hours cargo clearance promised by the federal government which is yet to materialize saying that, the situation has been compounded with the concerns of the Pre-Arrival Assessment Report (PAAR), issuance and wrong computation, huge demurrage to shipping companies, gridlock on the access roads to the ports amongst others.
"Indeed, this development does not portend the country as becoming a preferred trade hub for cargo destination, hence, we urge government and her agencies to continue to make efforts to find lasting solution to this problem through the option of
He said in spite of the enormous spending by governments on transportation infrastructure nationwide, the desired positive impact is yet to be felt by the business community and citizens stressing that, this is because a good number of about50 per cent of the federal and State roads are still in deplorable conditions, compounding the already high cost of doing business in the country.
He said to address the issue, he suggested that the federal government must intensify more efforts on its collaboration with the private sector through the PPP arrangement to ensure the provision of adequate and reliable transportation infrastructure in the country.
Most Popular Stories
- U.S. Families 'Extraordinarily Vulnerable': Yellen
- Larry Ellison Steps Down as Oracle CEO
- Alibaba Prices IPO at $68 a Share
- Apple Locks Itself Out of Devices
- Hillary Clinton to Address CHCI Conference
- Veterans to Get Training as Solar Panel Installers
- Hispanics Doubt Marco Rubio's Chances
- Wildfires Rage in California
- John Cantlie Delivers ISIS Message to Save Life
- Alibaba: Today China, Tomorrow the World