An industrialist and founding member of the Manufacturers Association of Nigeria (MAN), Otuekong Sunny Jackson Udoh, has called for deliberate efforts to strengthen the private sector to drive the country’s economic development.
He said if the federal government gives the private sector the needed intervention, Nigeria would in no time overcome its socioeconomic challenges.
Udoh, who expressed worry over the dwindling economy laced with inflation and poor standard of living, said the private sector should be financially empowered to stimulate the economy through mass investments in Small and Medium Scale Enterprises (SMSEs).
The business mogul, who spoke at the weekend in Uyo, the state capital, explained that this was part of the measures proffered on how to redirect the economy on the path of recovery at the just concluded Annual General Meeting (AGM) of MAN held in Calabar, Cross River State.
He said without a robust private sector, the efforts of the federal government to overhaul the economy and improve the living conditions of Nigerians would still be a mirage even with the enabling projections in the 2024 budgets.
He said, “It is good to be optimistic about your budget forecast. However, we know the reality. We should be sincere to ourselves. We created monsters in the economy through unnecessary monopoly and should deal with it sincerely by correcting the mistakes. For example, when you give some particular company concessions to the detriment of other companies producing similar goods locally, you are gradually grinding the economy to a halt.
“Today, Dunlop is in Ghana, Eleganza owned by a co-industrialist and my friend, Chief Okoya Thomas, is not fully functional again, Aswani, Michelin and others have moved their shops to other places including Ghana. Nigeria is left bare because the government could not assist these companies with favorable economic policies to continue production.
“Foreign exchange (Forex) is given to company’s importing foreign goods to re-bagged in Nigeria whereas local manufacturers are forced to leave the country because of high cost, thus denying our people employment. Do not also forget that most of the raw materials are imported and with the fluctuating exchange rate these companies are placed in dire strait,” he said.
Udoh, the chairman of Jackson Devos (JD), manufacturers of crown carpets, expressed worry about government’s economic advisers, who he noted, “have disconnected with realties in the country.” He said reviving the local manufacturing sector remains the best solution for the improvement of the economy and job creation.
“I believe government advisers should know what they are talking about and their emphasis should be placed on production as against the current consumption trend. When we do the right thing the economy will improve, this right thing includes allowing other companies to breath fresh air.
“Like the cement sector, when other manufactures are suffocated one company cannot feed Nigerians with cement at a reduced cost, we should leave room for proper competition. Some government policies and actions are detrimental to developing the economy and giving the desired opportunity to Small/Medium enterprises, SMEs,” he said.
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