CICAN Chairman, Okonji urges FG to implement policies to boost local businesses
The National Chairman of Commerce and Industry Correspondents’ Association of Nigeria’s (CICAN) Charles Okonji has called on the federal government to implement policies that favour local businesses.
Okonji made the call at the 2024 Commerce and Industry Correspondents’ Association of Nigeria’s (CICAN) conference and awards ceremony at Radisson Blu Hotel in Lagos on November 21, 2024, saying that the private sector, and in deed, the engine room of Nigeria’s economy is sick, while the ailment has defied the medication of the federal government; leading to the exodus of many multi-national companies from Nigeria to the neighbouring countries.
He highlighted that their departure and the collapse of the existing indigenous ones brought with it a huge unemployment rate, adding that today more than 80 per cent of Nigeria’s 200 million population cannot afford one meal per day, while crime rate rises.
“As manufacturers close shop, their warehouses have been converted to churches at the expense of productivity.
“No nation becomes great without production. Europe developed with the Industrial Revolution. It is unfortunate that subsequent governments in Nigeria have paid lip service to the growth industrial sector; preferring crude oil business, whose price is not determined or controlled by the government.
“Many multi-nationals left Nigeria because of inclement environment including high cost of production, high exchange rate, insecurity, multiple taxation/levies and poor infrastructure.
“How would the manufacturers continue to pay taxes and at the same time providing water and electricity for themselves and their host communities?
“The government’s continuous devaluation of the naira is not good for business growth.
“With all the challenges, no doubt that the title of this year’s event, “Manufacturing: $1 trillion GDP target by 2030: Realities & Possibilities,” is apt. But the timeframe, 2030, gives me worries because of lack of continuity in governments in Nigeria,” Okonji emphasized.
High point of the event includes, speeches from invited guests, goodwill messages, interactive session and awards to individuals and corporate organisations.
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