NESG: Slow economy in COVID-19 can cause food crisis

NESG: Slow economy in COVID-19 can cause food crisis

The Nigeria Economic Summit Group has said that the fallouts of the COVID-19 pandemic could include food crises in the country due to the slow economic growth rates.

The NESG Chief Executive Officer, Laoye Jaiyeola, stated this during a panel session in a webinar organised by the Association of Chartered Certified Accountants, saying the impacts of the COVID-19 pandemic on the country would be long-term and the government must provide an adequate response to the crisis.

Jaiyeola noted that the agricultural sector grew by only 1.6 per cent of the Gross Domestic Product and the huge population suggested that Nigeria might be headed for a food crisis.

 “COVID-19 revealed some of the challenges which were already in existence. The second quarter report of 2020 in Nigeria revealed that we have a deep of -60 cents. This is not good. By the time the third quarter reports come, we would be in recession.

Jaiyeola added, “There are discussions and emphasis on broadband and fin-tech-related matters deployed to all the various sectors and even the agricultural sector. As we enable those people, we will see new skills and employment and people will rethink how they do their businesses,” he added.

A PwC Tax Leader, Mr Taiwo Oyedele, explained that the role of professional accountants was to guide their organisations.

Oyedele said, “They must properly identify their need and get the right investment in technology at the right time and must be agile and stay on top of their game.”

He added that accountants must find ways to help their organisations to preserve their competitive advantage.

The ACCA Road to Recovery Report outlines three stages in a framework for a recovery roadmap, to explore the priority for recovery with focus on the hard-hit industries, the role of digital, the technological aspect of doing business, how accounting firms will play a key role, government interventions and the future of work and employability, according to Punch.

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