Mr Leo-Stan Ekeh,Chairman of Zinox Group of companies, advised President Muhammadu Buhari to urgently engage the private sector to ease the stifling economic situation in the country. Ekeh while addressing a cross section of newsmen in Lagos yesterday said that Nigerian businessmen are going through harrowing times to sustain their businesses now due to the forex restrictions imposed by the present administration, adding that perhaps less than one per cent of Nigerian businessmen will still be standing if current realities remain till March this year.
He lamented that not being able to source adequate foreign exchange to transact business has made a lot of businesses lose credibility in international market and if that continues the entire economy may shut down.
However, he also expressed optimism that the Nigerian economy can never shut down totally but warned that “the shocks and gaps in the economy at the moment represent our current realities and we must find creative ways to navigate this harsh economic climate. The unprecedented fall in the price of crude oil is a global phenomenon which even the smartest economist couldn’t have predicted. The only regret is that successive governments failed to save for the present rainy day we are experiencing when prices were at their peak.
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