NACCIMA urges President Buhari to improve manufacturing sector

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From Benjamin Ameh, Lagos

 
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) have called on President Muhammadu Buhari to bring fresh perspective and impetus in ensuring rapid expansion of the power sector.

 

 

In a statement, the association pointed out that the energy being generated can conveniently meet the needs of the manufacturing sector while reducing their reliance on alternative sources of energy at exorbitant cost.

 

 

Bassey Edem, NACCIMA national president while addressing the press on the state of the economy, Tuesday stressed on the need for the two tiers of government (federal and states) to explore the utilisation of alternative and renewable energy sources such as solar, coal, wind and hydro for power generation to overcome the challenges of power supply.

 

 

He also said, this could achieve the target of not less than 20,000mw in the medium term as no meaningful progress could be made in the effort to diversify the economy if the fight to stabilise power supply was not won through stable power supply achievement.

 

 

NACCIMA boss was also expressing his worries over the interest rate, which still hovers between 17 percent and 28 percent, posing a major challenge to the business community, he reiterated that the Federal Government revisit and consider the need to bring down the rate to a single digit, which would automatically force down the lending rate in the banks.

 

 

In addition, Edem explained that the effort by government to stimulate the real sector might be in futility if the current trend in lending rate continued, because this impede the ability of manufacturers, entrepreneurs and indeed the real sector to access fund for operations as well as for expansion.

 

 

In line with government’s efforts to diversify the economy and support backward integration in the real sector, NACCIMA national president, however advised that the CBN should look at review the policies as it affect some raw materials not readily available in the country and government should develop initiatives and create enabling environment for the eventual production of those raw materials in the country.


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