Chamber Advocates Policies, Measures To Strengthen Naira

The Abuja Chamber of Commerce and Industry (ACCI) has urged the Federal Government to ensure policies that will drive industrialisation and foster economic growth of the country.

The President of ACCI, Emeka Obegolu, said this at a roundtable organised by the National Policy Advocacy Centre of the Chamber on Strengthening the Naira on Wednesday in Abuja.

The News Agency of Nigeria reports that Obegolu was represented by his first deputy president, Prof Adesoji Adesugba.

“The Abuja Chamber as representatives of the business community has taken the task to advocate for policies that facilitate industrialisation and economic development.

“I urge the government to prioritise the revitalisation of the power sector, recognising its pivotal role in driving industrial growth.

“The speedy implementation of the Electricity Act of 2023 is paramount, and I call upon sub-national governments to emulate the success of projects.

“Such projects include the Geometric Power Plant in Abia State, which have the potential to bridge the electricity deficit plaguing our nation,” he said.

Obegolu expressed confidence that with determination and collective effort, similar projects would soon take root in the Federal Capital Territory to further bolster our energy infrastructure.

According to him, today’s gathering is more than just a forum for discussion but a platform for action.

He said: “ We are here to brainstorm innovative strategies for strengthening the Naira, assessing progress, identifying challenges, and formulating practical solutions.

“We assure you that the recommendations emanating from this roundtable will be diligently conveyed to the appropriate authorities for implementation.

“Together, let us chart a course towards a stronger, more prosperous economic future for Nigeria.”

Obegolu said the roundtable was timely as the Naira was showing promising signs of resilience against foreign currencies.

According to him, the naira earned accolades as the best-performing currency globally for March, as recognised by the esteemed Goldman Sachs Group.

While acknowledging the realities confronting the country, he underscored the urgent need for government intervention to curb the trend.

Obegolu urged the Federal Government to focus on critical sectors such as security, power, and infrastructure.

“Fiscal policies must align seamlessly with the monetary strategies of the Central Bank of Nigeria to achieve sustainable economic growth,” he said.

Also speaking, Dr Aliyu Hong, Second Deputy President of the chamber, said no enterprise could survive with fluctuations in foreign exchange, thus the importance of the roundtable.

Hong said the fact that Nigeria was not a producing country posed a major challenge.

He, however, urged the federal government to ensure efforts geared towards boosting production and stabilising the naira to foster national growth.

Also, Prof Mohammed Yelwa of Department of Economics, University of Abuja, reiterated the importance of encouraging production and exportation in the country.

Yelwa urged the Nigerian business community to embrace Information and Communication Technology (ICT) so as to enhance the growth and development of their businesses and the country at large.

He said :“The anticipated economic boom in the country is attributed to the visionary leadership of President Bola Tinubu-led administration.

“This is, however, not the time to rest on our oars but to keep at it until our challenges are fully surmounted no matter how long it takes.