South-East loses about N13 billion weekly due to sit-at-home – says Kalu

Rep. Benjamin Kalu, the Deputy Speaker of the House of Representatives, highlighted that the South-Eastern region is facing a substantial economic downturn and notable disruptions in business operations due to the enforced “sit-at-home” directive by the proscribed Indigenous People of Biafra.

This concern was expressed during a courtesy visit by the Nigerian Association of Small and Medium Enterprises (NASME) executives in Abuja, headed by Abdulrashid Yerima, the president of the group.

Mr. Kalu pointed out that the South-East geopolitical zone suffers significant financial losses, ranging from N10 billion to N13 billion, particularly in the transportation sector, with each weekly “sit-at-home” day.

“When they sit at home in the South-East, the South-West, South-South, North-West, North-East, and North-Central are not sitting at home,’’ Mr Kalu said.

He also observed that the whole country suffers when SMEs in the South-East suffer, saying, “Prices of goods and services will suffer if there is insecurity in the land.”

Mr Kalu promised a legislative commitment to address concerns raised earlier by the visitors.

“We must examine existing laws that are not SMEs-friendly. That way, we can address some of the economic challenges facing the country via SMEs,’’ he said.

Mr Kalu promised to work with NASMEs for growth, adding that the 10th National Assembly would support its course with positive legislation.

He said recent data indicated that SMEs accounted for 48 per cent of national GDPs in emerging economies, just as the World Bank had declared that SMEs played a pivotal role in job creation.

Earlier, the NASME president appealed to Mr Kalu to facilitate laws supporting the growth of SMEs in Nigeria.