Invest in infrastructure to boost economy, ACCIMA urges government

The organised private sector in Aba, the commercial hub of Abia State, has decried the continued depreciation of the nation’s currency – the naira, saying it had further plunged the economy into crisis.

Consequently, they urged the Federal Government to invest in infrastructure to support manufacturing and get the country out of its economic doldrums.

According to them, the real sector holds key to the economic development of the country, and advised government to create good business environment by providing constant electricity, good road network, water, among other essentials that would enable micro, small and medium enterprises function effectively.

Anthony Enukeme, immediate past president, Aba Chamber of Commerce Industry, Mines and Agriculture (ACCIMA), in his speech at the 15th annual general meeting/election of the city chamber’s exco members, held in Aba, said the Aba business community would like to see a rapid transformation of Nigeria’s economic policies and proper implementation of same for the overall benefit of all Nigerians.

Enukeme, who is the chairman/CEO of TONIMAS Nigeria Limited, insisted that the country’s economy would grow if government focused more on the development of infrastructure.

To him, “government should provide good business environment that would lead to provision of constant electricity supply, good road network, and development of industrial parks in every state, reduce to a single digit commercial banks interest rate on loans for industrial development, as well as allow MSMEs enjoy unhindered access to finances.

“The National Assembly should ensure that they make good laws and legislations that would encourage investment and be able to attract local and foreign investments into the country.”

He also implored the Central Bank of Nigeria (CBN) to focus more on developmental and monetary policies that would make the Bank of Industry (BoI) and its allies function effectively.

This is as he urged the apex bank to reinstate the BoI South-East zonal office to Aba, which was relocated to Asaba, Delta State in 2010, due to insecurity.

“I also wish to hereby, make a clarion call on behalf of the Aba business community to the Federal Government to revisit the issue leading to the relocation of the BoI zonal office from Aba to Asaba and return it back to Aba, which is the hub of commercial activities in the South-East region of Nigeria.

“BoI has enough work to do in Aba and its environs, in the overall interest of the nation’s economic development. The Aba business community is involved in fabrication, manufacturing of soap and detergents, pharmaceuticals, shoes and other leather products, garments.

“These potentials need encouragement from the Federal Government through its agencies. Like the CBN, Nigerian Export, Import Bank (NEXIM), BoI, in the economic development corridor,“ he said.