The Abuja Chamber of Commerce and Industry , ACCI, has lamented the current monetary and fiscal policies being implemented by the Federal Government, saying that they were not the panacea to the ailing nation’s economy.
ACCI also faulted the position of the Governor of the Central Bank of Nigeria, CBN, Mr Godwin Emefiele, who had claimed that the country would be out of recession in the fourth quarter of this year.
Emefiele had while speaking with media executives on Saturday said, “We are already in the valley, the only direction is to go up the hill and the government is doing everything possible to ensure that we move up the hill.
Reacting however, ACCI maintained that even with the right economic policies, it would take the country about five years to come out of the current economic crisis.
The President of ACCI, Mr Tony Ejinkeonye, in a statement said the chamber was of the view that the federal government had not put in place adequate measures to address the current economic challenges.
He said, “We have economic recession, economic recovery and economic boom. It takes a period of five years for a country to recover from recession before it can start talking of economic boom, that is, if the right measures are in place.
“We are yet to know the physical measures the government has put in place to enable us know that we are on the right track.
“Even when the right decisions and policies are set out, we do not agree that recovery will come too soon.
“That means they have only one quarter to get us out of the recession that is so deep. We do not believe that. It will take a while.”
He added, “Thailand went into recession and it was just last year they came out of it. The Federal Government is either being economic with the truth or not telling us what is really happening.
“Government does not have structures on ground to suggest that it (recovery from recession) would happen. I do not think it is going to happen soon.”