KADCCIMA Urges Federal Govt To Review Economic Policies

The Kaduna Chamber of Commerce, Industry, Mines and Agriculture (KADCCIMA) has called on the federal government to review its economic policies and re-strategise to forestall an economic crisis in the country.

In a statement by the 1st Deputy President of KADCCIMA, Ishaya Idi, yesterday said with food inflation hitting 23.72 per cent and some food items rising to between 50 – 100 per cent, the government needs to promote greater local value addition into domestic industrial production.

He said this trend may worsen going forward on account of recent floods, poor agricultural practices, unavailability of extension services, absence of post-harvest management techniques, high prices of fertilizers etc.

“Added to this scenario is the continued depreciation of the Naira, the dependence of the FGN on the Central Bank to finance its budget deficit, the ballooning debt profile, the impact of insecurity on agricultural performance and the massive youth unemployment.

“These are certainly not good news for our weak economy that is yet to develop significant resilience through systemic efficiency to absorb ripple effects of global or regional economic slowdown.

“Against this background, KADCCIMA wish to call on the FGN to – as a matter of urgency – seriously review its economic policies and for the OPS to re-strategize accordingly.

“As such, the government should fully implement the provisions of the Executive Order 3 aimed at institutionalising government patronage of made-in-Nigeria products and services at all levels. It should also re-align and adapt fiscal and monetary policies to challenges faced by the real sector by ensuring support and reactivation of the comatose industrial sector and in particular the cotton, textile and garment value chain,” Idi said.

He noted that it is to effectively support the organised private sector in its quest to take advantage of potential brought about by the African Continental Free Trade Agreement via aggressive export drive, to come up with tailored and effective intervention schemes able to significantly and positively impact and develop the rural economy in all its ramifications.

While urging the state and federal governments to synergise efforts, he said they should design and implement home-grown policies to address health, education and skill acquisition for the youth.