THE NIGERIA EMPLOYERS’ CONSULTATIVE ASSOCIATION SAYS THE INTERNATIONAL MONETARY FUND CALLS ON THE FEDERAL GOVERNMENT TO INCREASE TAXES IN ORDER TO REDUCE BORROWING AND THAT IT WILL AFFECT ECONOMIC GROWTH AND WORSE THE COUNTRY’S PLIGHT. MR WALE OYERINDE, THE DIRECTOR GENERAL OF NECA, STATED ON SUNDAY THAT SUCH ECONOMIC DECISION MIGHT APPEAR TO BENEFIT  THE GOVERNMENT SINCE IT WILL INCREASE ITS REVENUES. HE HOWEVER, STRESSED THAT HIKING TAXES WOULD HAVE NEGATIVE EFFECTS ON HOUSEHOLDS, BUSINESSES, AND THE ECONOMY IN GENERAL.
WHY GLOBAL VALUE CHAIN IS IMPORTANT FOR JOB CREATION – OKONJO-IWEALA
NGOZI OKONJO-IWEALA, DIRECTOR-GENERAL OF THE WORLD TRADE ORGANISATION AT THE ONGOING WORLD BANK/INTERNATIONAL MONETARY FUND SPRING MEETINGS IN WASHINGTON DC, STATED THAT THE CORONAVIRUS PANDEMIC TAUGHT THE WORLD HOW IMPORTANT GLOBAL VALUE CHAINS HAVE BECOME FOR JOB CREATION AND INCLUSION. THE WTO DG, ALSO SAID THAT THE COVID-19 VACCINE SUPPLY CHAIN GAVE A LOT OF INSIGHT AS TO HOW THE REDISTRIBUTION OF THE GLOBAL SUPPLY CHAIN CAN BE STRUCTURED FOR MORE INCLUSIVE JOBS ACROSS THE DEVELOPING WORLD ADDING THAT AS GLOBAL VALUE CHAINS GROW, PER CAPITA INCOMES RISE.SHE STATED THAT AT A TIME WHEN GLOBAL SUPPLY CHAINS ARE ATTEMPTING TO BUILD RESILIENCE BY NOT BEING CONCENTRATED IN ONE COUNTRY OR ANOTHER, WE MUST SEE THIS AS AN OPPORTUNITY TO ENCOURAGE THEM TO SPREAD TO MORE DEVELOPING COUNTRIES AS A FORCE TO BRING SMES AND WOMEN INTO VALUE CHAINS.