Organized Private Sector presents Recovery Plan to Federal Govt.

The Organised Private Sector (OPS) has presented an economy recovery plan to the federal government of Nigeria.

The President of Manufacturers Association of Nigeria (MAN), Frank Udenba-Jacobs made the presentation on behalf of the OPS to Acting President Yemi Osinbajo during the 2nd Presidential Business Forum at the State House, Abuja.

The group comprises 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).

Lauding the efforts of the federal government towards economic resurgence the OPS stated that to achieve a good result, the federal government must address issues of access to foreign exchange by the real sector, re-capitalisation 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 industrialisation.

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-industrialisation 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 OPS advised the federal government ministries, departments and agencies (MDAs) to patronise made-in-Nigeria products and enforce the Procurement Act as this would help to create employment and encourage local manufacturers.

“Our expenditure in favour of imported products is detrimental to the growth of local industry as it increases employment in the country of origin and simultaneously increases poverty in our land,” it noted.

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 anchor 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 processors and address food security in Nigeria.