Post by Trade facilitator on Apr 3, 2017 0:30:52 GMT 1
ORGANIZED PRIVATE SECTOR SUBMITS ECONOMIC RECOVERY PLAN TO THE FEDERAL GOVERNMENT
Prof. Yemi Osinbajo, Vice President
In a bid to revamp the economy, a recovery plan has been presented to the federal government by members of the organized private sector.
The plan was presented to the former acting president, Prof. Yemi Osinbajo, Vice President, during the 2nd Presidential Business Forum by the President Manufacturers Association of Nigeria (MAN), Frank Udenba Jacobs at the State House, Abuja recently.
The group lauded the efforts of the government towards economic resurgence. They also noted that in order for good results to be achieved, the federal government must address issues of access to foreign exchange by the real sector, re-capitalization of the Bank of Industry and Bank of Agriculture, provision of long-term funding for the industrial sector through urgent and targeted operations of the Development Bank of Nigeria, as well as resource-based industrialization.
Also commending the Central Bank’s Anchor Borrowers Programme (ABP), the OPS recommended that the ABP be expanded to include medium-scale as well as large-scale integrated processors to act as another companies so as to increase private sector involvement in the scheme, in order to boost production of key commodities. The group added that this will soothe supply of inputs to agro processor and address food security in Nigeria.
The group also urged the federal government to strongly oppose the European Union (EU) / Economic Community of West African States (ECOWAS) Economic Partnership Agreement which, according to the group would lead to de-industrialization which will in turn limit investments and manufacturing growth in West Africa, particularly Nigeria.
‘’The implication of this, if entered into, is that our economy will remain a provider of raw materials and an importer of finished products,’’ the group said.
The group comprised the Manufacturers Association of Nigeria (MAN), Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Nigeria Employers’ Consultative Association (NECA), Nigerian Association of Small and Medium Scale Enterprises (NASME) and Nigerian Association of Small Scale Industries (NASSI).
