BY KINGSLEY OKOH, Lagos
Economic experts have said the commencement of vaccination against COVID-19 across Nigeria will accelerate quick recovery of the nation’s economy.
According to the experts, businesses will soon return to normalcy and the micro, small and medium enterprise (MSMEs) will be revamped to drive the accelerated growth in the non-oil sector.
Confirming the development, president, Lagos Chamber of Commerce and Industry (LCCI), Mrs. Toki Mabogunje said that vaccination against the COVID-19 pandemic is expected to drive economic growth and global recovery in year 2021.
According to her, the vaccine-driven recovery would continue to gain momentum in several advanced economy and few developing economies to support economic activities globally.
She decried that the extended lockdowns in some part of Europe shows concerns about the potency of the vaccine while pointing out that the slow vaccine administration in developing economies is the major downside risk to global output recovery.
Also, the director-general, Lagos Chamber of Commerce and Industry, (LCCI), Mr. Muda Yusuf, said confidence is gradually returning to businesses with the use of vaccine, adding that with the commencement of the vaccine for usage, a lot more economic activities will resume.
According to him, a lot of economic activities require interaction especially those who are in the hospitality management, entertainment, tourism and other sectors of the economy who have been heavily affected by the pandemic.
He confirmed that with the vaccine distribution, confidence is returning to de-risk the operating environment in order to help accelerate the recovery of the economy and restore investors’ confidence to ease of doing business.
Speaking on the intervention funds for the micro, small and medium Enterprises (MSMEs), Yusuf said only a few group of people have benefitted from the funds while others could not access the intervention funds. He said the bigger picture for MSMEs in the country is the environment itself which must be relaxed for more economic activities to take place.
Similarly, managing director, TBWA Concept, Mr. Kelechi Nwosu said that the vaccine distribution will repose business confidence not just within Nigeria but abroad.