Coronavirus: Government must act fast to save small businesses ― Ibadan Chamber of Commerce

If the prevailing conditions of the coronavirus pandemic persist, Nigeria may be faced with another economic recession. Therefore, the Nigerian government must act fast to save small businesses which are the greatest employers of labour.

Sir Sola Abodunrin, the new president of Ibadan Chamber of Commerce Industry Mines and Agriculture, made this assertion over the weekend in Ibadan.

According to him, “This lockdown is affecting business adversely. Most companies are closed or working on skeletal basis. That means production is stopped or reduced terribly. There is either little or no output at all, but salaries are being paid. That is a terrible loss to businesses.

“We are praying that this should not last long. If it does, outfits may close shop totally. Acute unemployment may then set in. The overall effect on the economy will be another recession which will be worse than that of 2017. This one will be a production induced recession. Even now, oil price has gone below 24 dollars, as against the 57 dollars benchmark that was used in the 2020 budget.

“In advanced countries like the US, UK and Canada, governments are considering bailing out industries. The United States Senate has just approved 2 trillion dollars to bail out businesses in the US.

“The Nigerian government should consider similar bailouts too. The tough conditions that are imposed on businesses should be relaxed. The Senate should quickly resume from its recess to consider the economic palliatives that are being proposed by the Lower House. This is a period of both medical and economic emergencies. Both the Executive and the National Assembly should treat it as such.

“Most of the traders are daily income earners. When their shops are locked down they have no income to feed. Our prayer is that this crisis should end soon to avert the impending hunger. However, we appreciate what the government is giving out to relieve the situation of the poor. We want the government to extend this to small businesses who are the greatest employers of labour in Nigeria.”

YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE

Buy and read digital replicas of your TRIBUNE titles by subscribing through E-VENDING

I Consumed Carrots, Vitamin C, Blackseed Oil With Honey To Fight Coronavirus, Says Makinde •I’ll ensure no Oyo citizen dies from COVID-19
Oyo State governor, Seyi Makinde, has disclosed what he did in isolation in order to become negative of the coronavirus… Read full story

COVID-19: Lagos Govt Rejects Chinese Doctors
Lagos State government on Monday said it is not expecting any Chinese doctors for support to tackle its Coronavirus(COVID-19) pandemic… Read full story

Nine Months After, Suspected Killers Of Funke Olakunrin, Pa Fasoranti’s Daughter, Land In Police Net
After nine months after she was murdered , the Special Anti Robbery Squad of the Ondo State Police Command has arrested four suspects in… Read full story 

COVID-19: Fake Chloroquine 250mg Tablets Now In Circulation, NAFDAC Warns
The National Agency for Food and Drug Administration and Control (NAFDAC) on Monday alerted Nigerians on the circulation of fake chloroquine… Read full story

FG Declares Friday, Monday As Public Holidays To Mark Easter Celebration
The Federal Government has declared Friday, April 10 and Monday, April 13 as public holidays to mark the 2020 Easter celebration… Read full story

No Going Back On Inviting Chinese Doctors, But They Won’t Have Contacts With Patients, Says FG
Despite opposing the idea by many Nigerians, including the Nigerian Medical Association (NMA) and the Nigerian Association of Resident… Read full story

COVID-19: Lagos Ready To Accept Chinese Molecular Biologists, Logisticians, Not Doctors — Prof. Abayomi
Lagos State government on Monday said it is not expecting any Chinese doctors for support to tackle its Coronavirus pandemic, disclosing that… Read full story

COVID-19: Chinese Doctors Must Be Quarantined For 14 Days, Follow Immigration Laws ? Gbajabiamila
The Speaker of the House of Representatives, Honourable Femi Gbajabiamila on Monday said that Chinese doctors coming to Nigeria to assist in… Read full story

FG, States, Councils To Share $150m From Stabilisation Fund • As states get debt, interest moratorium FG, CBN loans
With monthly federation account receipts projected to fall below N400 billion because of coronavirus pandemic and fallen price of crude oil… Read full story

Inside 56-Year-Old Ogbomoso Waterworks Begging For Government Attention
On October 10, 1964, almost 56 years ago, the then Premier of the old Western Region, Chief Samuel Ladoke Akintola, inaugurated the Ogbomoso Waterworks Project on Yaku land in Ogbomoso North Local Government Area of Oyo State. The project, as one of the legacies of the old Western Region, greatly served… Read full article

African Development Bank Gets Acting Director Of Communication And External Relations
The African Development Bank Group has announced the appointment of Mrs. Nafissatou N’diaye Diouf as the acting Director for Communications and External Relations effective 1 April 2020… Read full story

You might also like
Comments

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More