Abuja â€” The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, has said the delay in the passage of the national budget was hinderingÂ economic development.
National President of NACCIMA, Dr Simon Okolo, disclosed this yesterday in Abuja at the opening ceremony of the 5th Abuja International Trade Fair, holding at the Old Parade Ground.
Okolo was represented by Hajiya Saratu Aliyu, Vice President of NACCIMA and the President of the Kaduna Chamber of Commerce and Industry.
NACCIMA feels concerned
â€œNACCIMA feels deeply concerned over the late passage of the yearly national budget, given its grave implication to the nationâ€™s business community in particular and the economy in general,â€ he said.
He called for early passage of the budget to ensure that it was fully implemented to address burning issues in the nationâ€™s economy.
Okolo said if the issues were addressed timely, it would bring about rapid and sustainable economic growth and development and would also attract increased foreign investment into the country.
He said the Federal Governmentâ€™s concern in this direction should be focused on policy measures such as infrastructure like roads, functional rail system, electricity, water and many others.
Okolo said the need for access to finance, incentives to grow businesses and make them highly competitive, concessionary interest rate among others were the necessary ways of encouraging investment.
FG carrying out reforms
He said the Federal Government was carrying out reforms toward facilitating provision of the enabling environment for both local and international investors.
According to him, the incentives needed will contribute effectively to driving the economy and making Nigeria an investment-friendly nation.
He said without the government providing the necessary infrastructure and putting in place better policy measures that would make investors contribute their quota to the growth and development of the economy, the countryâ€™s vision of boosting its foreign direct investmentÂ would never be achieved.
He called on the participants to take full advantage of the opportunities offered by the fair to create awareness for their products and services.