The Nigerian-British Chamber of Commerce (NBCC) has called on governments to stop handing out cash to individuals as palliative.

Government, it said, should instead train the individuals to become more productive.

President and Chairman of the Council, Ray Atelly, gave the advice at the Nigerian-British Chamber of Commerce first quarter briefing on 2024 Economic Outlook for Nigeria at the council headquarters in Lagos.

Atelly advised the Federal Government to invest in youths and increase their participation in economic activities beyond peripheral roles and borderline operations.

He said with vocational training, Nigeria can also address the challenge of Insecurity and Okada menace by making them become gainfully employed.

“Nigerian youths have a 7.2% unemployment rate. This is far higher than the national average of 5%. It means that over 16 million Nigerian Youths are unemployed. But how many of this lot are employable?

“This is where the training interventional at all tiers of government in Nigeria has become expedient. What shall become of Nigeria in 20 years if these youths wander their ways into adulthood with no clear direction, filled with bitterness instead of love for country?

“It is time to wake up from the dream that Nigeria is a rich country. We are not rich when we have over 100 million citizens living below the poverty line. Poverty is everywhere and all around. It is time to live less pretentiously and more realistically.”

He said Nigeria should stop printing more Naira notes, advising the Central Bank of Nigeria (CBN) to start mopping up the excess cash in circulation.

“How can money supply grow from 53.1 Trillion in January 2023 to 78.7 Trillion in December of same year without a corresponding increase in GDP.

“Let all urgent steps be taken to provide Export incentives so that we may start exporting in good numbers and earning forex. It is time we ended Tax Audits and highly publicised tax raids that do more harm than good to the reputation of Nigeria and the Nigerian economy.

“It is time we stopped giving the world the impression that Nigerian companies are tax evaders. For these are our business associates who might pull out of vital projects, as a result, leading to a loss of investment inflow and employment opportunities,” he stated.

Credit: thenationonlineng.net

NBCC To Govts In Nigeria: Stop Handing Out Cash As Palliative

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