Small businesses still reeling from the shocks of COVID-19 pandemic,  recession – Economist

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Economic growth
remains fragile – Dr Muda Yusuf

* Says small businesses still reeling from the shocks of COVID-19 pandemic,  recession

The Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf has said that Nigeria’s economic growth
remains fragile as 2021 fiscal year is running out.

According to him, many small businesses are still reeling from the shocks of COVID-19 pandemic and associated recession.

He stressed that Investors are still grappling with headwinds inflicted by macroeconomic and regulatory shocks.

“There is little headroom to absorb further shocks. The risk to the economy and small businesses, particularly those that are active in international trade are quite high”, he pointed out.

Dr Yusuf, who is also the former Director General, Lagos Chamber of Commerce and Industries (LCCI), said;
“The nationalistic passion expressed by the Minister of Aviation is understood. But the economic, business and diplomatic consequences should be adequately taken into account.

“The Foreign Affairs Minister, Industry, Trade and Investment Ministry should also weigh in on this matter. A strategic and inclusive approach in dealing with the issues are imperative to minimise the disruptions, dislocations and costs to the businesses, as well as the economy, without compromising our sovereignty and national interests.”

His words :
Institutional issues bothering on the integrity of the PCR tests and certificates issues to travelers need to be urgently addressed. Such institutional weaknesses could impact on the credibility of the processes and become a source of embarrassment to the country.”

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