Empower manufacturers to enable Nigerian products compete globally, NACCIMA tells FG

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has advised the Federal Government to empower local manufacturers through capacity building to enable their products compete with foreign counterparts in terms of standards and quality.

Bassey Edem, president of NACCIMA, gave this advice at a media briefing on state of the nation held in Lagos.

“Government efforts in the promotion of made-in-Nigeria products are highly commendable. We believe that if the efforts are sustained, there will be economic prosperity,” Edem, the outgoing president of NACCIMA, said.

According to him, it was important for the Central Bank of Nigeria (CBN) to consider full liberalisation of the foreign exchange market while giving a thought to cessation of multiple windows, review of policy on 41 items banned from official foreign exchange market and restoration of sectoral FX allocation to the real sector, extending same to agricultural and solid minerals sector as provided in the Economic Recovery and Growth Plan (ERGP).

On the Economic Partnership Agreement (EPA) advanced by the European Union to the Economic Community of West African States (ECOWAS), NACCIMA president said the Organised Private Sector (OPS) in Nigeria was completely against it.

“We are currently against it because Nigeria will become a dumping ground if it is accepted. Recently, Europe has been rejecting our crops, but they are asking us to accept their products,” he said.

The EPA is a free trade agreement between the 15 countries of the Economic Community of West African States (ECOWAS) and the EU. Nigeria is yet to ratify the trade treaty but 12 other West African countries have done so.

The Monetary Policy Rate (MPR), which is the benchmark interest rate in the country, is currently 14 percent.

According to Edem, Nigeria must lower its interest rate as the current regime was not supportive of competitiveness and economic growth.

He commended the Federal Government for key achievements in promoting the ease of doing business through the Presidential Enabling Business Environment Council (PEBEC).

“Notable are the policies of Visa-on-Arrival and the reduction of required documentation for import from 14 to eight. We counsel that these achievements be consolidated by extending the activities of the council to other parameters of World Bank’s Ease of Doing Business Index,” he further said.

He said the association would hold its 57th annual conference on May 25, 2017, in Abeokuta, with the topic, ‘Ease of Doing Business—An Impetus to Economic Recovery and Growth’.  Olusegun Obasanjo, Nigeria’s former president, will chair the technical session of the conference.

 

ODINAKA ANUDU

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