Sell national assets to stimulate economy – Abuja Chamber tells FG – Today

Abuja Chamber of Commerce and Industry, ACCI, yesterday expressed support for the call on the Federal Government to sell some national assets and use the proceed to get the country out of its current recession.

The Chamber’s President, Mr Tony Ejinkeonye, said this in an interview with the News Agency of Nigeria (NAN) in Abuja.

Ejinkeonye said Africa’s richest man, Aliko Dangote’s recent advice to the Federal Government to sell some national assets, instead of borrowing to get the country out of the recession, was apt.

He said the advice was a veritable option which would be able to stimulate the economy. The chamber’s boss said for countries that had experienced economic recession, some fiscal measures were taken to drag them out during the period.

“The fiscal tools can be in form of tax cut for low income earners, business incentives, federal spending cuts, provision of market exchanges or support for faster movement of goods.

“Increase in trade, selling-off of national assets, increasing government spending to absorb supply in the face of falling demand of goods and services and taking on direct and indirect Infrastructure projects to encourage employment (are also some of the measures).

“Therefore, Dangote’s recent suggestion for government to sell some national assets instead of borrowing either internally or externally in order to get the country out of the present economic recession was apt.

“It will earn the foreign currency that we really need at this time to boost confidence in the economy.

“Also, significant foreign currencies earned from sale of part of our assets will fast-track our exit from the prevailing economic recession.

“Furthermore, the proceeds may be reinvested to save idle production outputs and hence sustain the production activities which in turn will increase purchasing power of Nigerians.’’

Ejinkeonye said timely and rational decision was of essence to achieve the desired aim.

The business mogul had, in media reports, asked the government to sell off some assets, including the Nigeria National Liquefied Gas project, saying proceeds from the sale would be huge enough to be invested to boost the economy and stimulate development.