A cross section of business executives in Nigeria has called on the federal government to redirect the substantial amount of funds previously used for subsidizing the price of petroleum products towards supporting the manufacturing sector.
Some business executives who spoke with ABS business and Oil and Gas correspondent Abuchi Nwozor in Awka believe that if the federal government provides financial support to the manufacturing sector, it will help ensure adequate production of goods for both local use and export, which could boost foreign exchange earnings.
According to one of the business executives Chief Jonathan Nzekwe, the major problem of the nation’s economy is over dependence on foreign products which he said is causing too much pressure on the Naira.
Chief Nzekwe who is an Anambra born business executive but resident in Lagos expressed dismay over the daily dwindling of the Naira and commended president Bola Ahmed Tinubu for constituting a team of Economic advisory council that will reposition the economy.
According to Chief Nzekwe, the appointment of Governor Soludo to the National Economic Advisory Council is a clear sign of President Tinibu’s commitment to reviving the economy as he said that Governo Soludo’s expertise and experience will be an asset to the council.
For Chief Osita Ezechukwu, the federal government needs to create more favourable business environment that will ensure speedy Industrialization of the Nigerian Nation.
Chief Ezechukwu who maintained that the major problem facing industrialists in Nigeria is poor power supply, lack of raw materials, poor network of roads as well as multiple taxation, called on the federal government to seek ways of addressing the ugly trend.
He tasked the federal government on revamping the nation’s ailing refineries to ensure the refininig of crude Oil in large quantity for both consumption and export to earn foreign exchange to stabilize the Naira.
An economic expert Chief Boniface Egbutu was of the opinion that the national Assembly should make a law that will compel business men including foreigners to always trade with the Naira whenever they want to transact businesses in Nigeria.
Chief Egbutu called on the central Bank of Nigeria to develop an effective template that will strengthen the Naira and makes a strong case for the reintroduction of the lower denomination currency and coins as part of moves to reposition the economy.
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