NANTS EVALUATES THE ECONOMIC IMPACTS OF COVID-19 ON NIGERIA AND THE NEED FOR CONSTRUCTIVE RETHINK BY THE GOVERNMENT - The National Association of Nigerian Traders NANTS

The Management of the National Association of Nigerian Traders (NANTS) hereby informs all her members, partners and the general public that effective this 25^th Day of March 2020, the National Headquarters of NANTS located Abuja, is hereby temporarily closed for business until further notice. This is in compliance with Government’s directives to guard against the spread of Corona Virus. The Management of NANTS has therefore asked all staff to stay at home and work therefrom till the cloud is clearer.

We further admonish all our members and traders across the Country to comply with Government’s directives, especially in selected States where identified markets and traders are asked to close shops to the public for a specific period. We understand how hard and difficult times are, and that there is serious pressure on sustenance of livelihoods, especially for our traders who depend on daily sales for their livelihoods. However, having weighed the seriousness of the deadly COVID-19 disease, the safety of lives far outweighs livelihoods and wealth, and we have therefore come to the conclusion to humbly appeal and advise our members and indeed all traders nationwide to comply with Government’s directive so that more lives could be spared from the ravaging pandemic. All Executives of markets across the country are hereby directed to commence the enforcement of sanitation exercise in and around the markets to reduce the impact of the disease and other ailments.

Furthermore, we call on our members to observe: (i) frequent washing of hands with soap under running water or the use of alcohol-based sanitizer if water is not available; (ii) covering the mouth and nose properly with a tissue paper when sneezing and/or coughing, and disposing such tissues properly immediately after use; (iii) coughing into the elbow is an alternative if a tissue is not available; (iv) social distancing and avoiding close contact with anyone showing symptoms of respiratory illness such as coughing and sneezing. Essentially, we call on all traders to desist from unnecessary hiking of prices of commodities so as to avoid compounding the economic woes induced by corona virus. Similarly, we appeal to our members and affiliates in the Diaspora to follow the path of honour and security by abiding with the directives issued by the various Governments in the Countries they reside and transact businesses.

On behalf of our in-country members and traders, NANTS wishes to commend Government’s efforts so far taken to alleviate the economic hardship occasioned by the COVID-19. Specifically, we are pleased with the reduction in pump price of petrol (PMS) from N145 to N125 per litre; the provision N50bn facility by the Central Bank of Nigeria to assist SMEs and particularly, the non-collateral aspects thereof; interest rate reduction from 9% to 5%, among other palliatives. The support by the private sector led by Alhaji Aliko Dangote and Access Bank who have provided the sum of N200m and more pledges is also well appreciated by NANTS.

Nonetheless, we appeal to all philanthropic organizations such as Churches, Mosques and other well-placed Nigerians including our wealthy footballers and sportsmen/women to open their hands like their counterparts in other parts of the World to further support the fight against the virus, especially among the vulnerable communities.

NANTS appeals to Government to consider further palliatives in the face of prevalent strangulating economic conditions staring at the poor informal traders and others in the SMEs bracket. The combined effects of tripod turbulence presently facing traders must be strongly considered so that the nation’s economy would still find a way to stand on her feet without sinking into another recession. It is important to recall that traders have been hit by; (i) Insecurity expressed by banditry, kidnapping, insurgency and farmers-herdsmen crises which have impeded movement of traders and a major chunk of informal sector entrepreneurs with their goods across the Country; (ii) land border closure which has negatively impacted on and obstructed the economy of many traders plying the regional cross border trade since the 20^th August 2019; and now (iii) the COVID-19 scourge which has globally disrupted all activities of traders across the globe. In the light of these economic trauma, Governments at various levels are hereby called upon to, as a matter of urgency, begin consideration of palliatives that can stabilize the economy from the aftermath of the CIVID-19 turbulence.

NANTS expresses delight in the invitation and collaboration initiated by some State Governments with State Chapters of NANTS, leading to joint campaign actions aimed at sensitizing the traders and general public on the COVID-19 scourge and related matters. We specifically commend Cross River, Rivers, Bauchi, Jigawa, Katsina, Kogi, Enugu, Niger, Lagos and Zamfara States for their collaboration, support and provision of hand sanitizers and IEC materials for free distribution.  We equally appreciate the Federal Government’s invitation and meeting with NANTS and other Organized National Private Sector Organizations with a plan to explore proper coordination and support for workplace safety and delivery of essential products during the COVID-19 pandemic, We therefore call for fast track action towards the provision of technical support and seed grants to ensure adequate coverage of basic infrastructure and supplies to maintain health and safety through the provision of water, sanitizers and soaps in designated industries and markets across the States and FCT.

NANTS equally requests for quick intervention towards proper sensitization and awareness creation among traders and markets nationwide so that the COVID-19 scourge would not take ignorant communities by surprise. We also call for the consideration of palliatives such as:

1. Waivers for producers and importers of pharmaceutical products and medicaments or medical consumables.
2. Tax holidays for SMEs and local manufacturers across board.
3. Removal of all bank charges throughout the period of COVID-19 induced vacation.
4. Direct allocation of FOREX to genuine importers of essential products or local manufacturers of food items, through the involvement of credible National Associations.
5. Decongestion of the ports to allow for unhindered facilitation of trade especially in the light of frustrations occasioned by corona virus.
6. A thorough clean-up, disinfection and fumigation of the International Airports especially now that they are closed for international travels.
7. The strict implementation of Executive Order 9, regarding Open Defecation.
8. A partial re-opening of the land border by making Seme-Krake border a pilot for such purpose. In this regard, a Committee comprising NANTS, MAN, NACCIMA and Nigeria Customs Service should be set up to take inventory of goods stranded at the border since August 2019, with a view to identifying and releasing the genuine commodities (especially ETLS approved) so as to reduce economic burden on such genuine businesses and avoid punishing them alongside smugglers and other criminals/importers of contraband/prohibited items.

Finally, in the light of shrinking oil revenue and dwindling Customs revenue, we call on all the Government to begin a rethink of the economic restructuring of the Country through the application or more prudence in the affairs of governance. We believe that it is time for the Parliament, for instance to begin a rethink of the veracity and plausibility of a bicameral legislative Assembly with all the humungous number of Parliamentarians and associated costs. In the same vein, a rethink must be conducted regarding the plausibility of the importation and purchase of SUVs for Parliamentarians while watching the local manufacturers gradually liquidating for lack of support and patronage.

Similarly, NANTS believes it is time to seek a rethink of the huge convoys deployed by State Governors at the expense of tax payers’ funds and the unaccounted spending of “Security Votes” at the detriment of poor and vulnerable citizens and the future generations, while insecurity remains paradoxically unabated. We strongly believe it is indeed time, given that Excess Crude Account has also depleted, the State Governors and must begin a review of the 2020 budgets and rethink innovative ways of mobilizing Internally Generated Revenues (IGR) for stability, as against dependence on monthly allocation from Abuja, or resort to loans and request for bailouts.

COVID-19 has provided divine lessons and opportunity for our Governments at all levels to sit down and do proper rethinking, and we insist that the appropriate one is the making of politics by all means to become unattractive. It is time to walk the talk and put into practice the ritualistic creed termed ‘economic diversification’ in Nigeria. It is indeed time to rebuild Nigeria’s economy through effective management of resources, by ‘cutting the coat according to the available material’.

For: NATIONAL ASSOCIATION OF NIGERIAN TRADERS (NANTS)

Ken UKAOHA, Esq.

Secretariat President, NANTS