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‘Industrialists loosing millions of naira daily to coronavirus’

‘Industrialists loosing millions of naira daily to coronavirus’

By Fatima Muraina

The Ondo State Chairman of Nigeria Association of Small Scale Industrialists (NASSI), Mr. Great Seyi Akintunde has declared that millions of naira is being lost daily to the coronavirus outbreak.

He said the development has grievous effect on the  private sector particularly the Micro Medium Enterprises without which there is no economic values.

“It is affecting the state because the IGR will go down and the cost of providing health will definitely increase creating a grievous effect on the economy,” he said.

The NASSI Chairman said the effect of the lockdown would generate reduction in wealth acquisition, reduce financial strength and also lead to high unemployment rate.

“After the lockdown, it is sure that most of the industries, companies will not be able to have the capacity to maintain the tempo and the potency at which they were operating before now. So it is sure that there will be lay off”, he declared.

He however advised government to make use of clustered organisations to give palliatives to the people in order to ameliorate their hardship since there is no data base.

An Economist, Fessy Olabode opined that the impacts of the pandemic on both public and private economies are enormous and unquantifiable.

Olabode noted that the National Gross Domestic Product will fall and this would lead to Corona hunger which is more dangerous than coronavirus.

He also stated that there would be a fall in the Internally Generated Revenue of states, thereby urging governors to review their budgets because they may not be achievable due to the current pandemic.

He advised the government to ensure that its palliatives get to the people at the grassroots and adopt the use of voters card at different electoral wards or crediting people’s bank accounts using BVN.

 He said “Forty million Nigerians have BVN, it can be transferred to them and alternatively through the voters card in their respective wards in their local government areas.

In his opinion, the Deputy President of the Ondo state Chamber of Commerce, Industries,  Mines and Agriculture, Mr Akintunde Olayinka Badare said the impact of the virus outbreak is felt all over the world.

 He advised the state to consider reviving moribund industries like the Okitipupa Oil Mill so as to reduce unemployment rate in the state, which would sporadically increase during the lockdown.

Owena Press Limited (Publisher of The Hope Newspaper), Akure

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