Chief Kola Jamodu, Man president, while speaking at the 41st annual general meeting (AGM) of the association, which was held in Lagos, noted the worrisome development of the incursion of Chinese into small vendor businesses such as retail trading, textile , electronic among others.
Man, also expresses worries over Chinese faking and passing off that are carried out in the process of importing their wares.
According to Jamodu, “while we appreciate Chinese investment in the country, we don’t think they should be allowed to venture into the distributive trade, we therefore, urge the federal government to look into this situation”.
Speaking on other challenges facing the real sector, Jamodu said Nigeria faces a significant infrastructure gap, which is a major bottleneck to the productivity of the private sector and businesses generally.
“The country’s infrastructure deficit is evident in a number of areas- power port service, road network, transportation and social infrastructure. Facilities need to be accelerated”.
He said Nigeria requires substantial expenditure of almost 14.2 billion US dollars per annum over the next decade, or about 12 per cent of the country’s GDP to close the infrastructure.
“The country needs about 10.5 billion US dollars to fix federal infrastructure alone, especially power against the current expenditure of about 5.9 billion US dollars per year on federal infrastructure, which is equivalent to about 5 per cent of the GDP,” he said.
Jamodu noted that power poses a major challenge, which if successfully addressed, would reduce the cost of doing business in the country drastically.
He said other constraints to business includes; non availability of long term funds at single digit interest rate, multiple taxation, non patronage of made in Nigeria products, among others.
Dr. Samuel Ortom who represents the president at the event said the economy of the nation, is waxing stronger regardless of visible challenges. He added that exchange rate has been stable, inflation and debt burden gone down, and that there is also a promise of streamlined taxation systems to avoid overbearing duplications and plug leakages.
He said the federal government has given its assurance to the people, that their expectations towards the industrial policy will be met. He said the policy is being aligned towards rapid economic development, wealth creation, employment generated and also re- orientation.
Nigerians are however, admonished to work with the government in the interest of the country, in other to improve the standard of living of the people and position Nigeria for the best.
The federal government made it clear that the ongoing transformation agenda is a project, which recognises the need to consciously nurture our industries, in the quest for a sound economy developed on the back of industrial growth.
Powered by WPeMatico