BY NKIRUKA NNOROM

The Organised Private Sector, OPS, in Lagos State have urged the state government to develop other means of generating revenue as their over reliance on the private sector for wealth creation is impacting severely  on the sector.

The chairman, Apapa chapter of Manufacturers Association of Nigeria, Mr. John Aluya, made the appeal while making a presentation in a forum, in Lagos.

Lamenting the heavy reliance on the private sector, he said, “Lagos State has remained a focal point of discourse in recent times on infrastructural renewal and pragmatic leadership. However, this is coming with a great cost to the private sector, especially the manufacturers as there is so much reliance on revenue generation from this sector.

“The government needs to look at ways of capturing the informal sector into its tax collection system as the cash cow has become lean and fast losing the fight of bouncing back.”

He posited that the challenge of transforming Nigeria economically lies on the organised private sector as the engine of growth, adding that government should therefore focus on creating enabling environment for manufacturing to thrive.

He stated that developing friendly environment for manufacturers was part of the objectives that informed the country’s economic reform policy in the last few years.

“As a solution, one must underscore the need for the design of a perspective plan that brings our vision and the common agenda to the fore and that which guides the development of MDAs’s sector plans and strategies for funding and implementation at all levels of government,” he said.

He remarked that the economic policy of the country which is aimed at effecting a fundamental transformation of the economy through reduction in government expenditure, re-invigoration of the private sector and growth of domestic products was achievable going by Goldman Sachs’ forecast that if current reforms are sustained, Nigeria would emerge the strongest economy in Africa, surpassing South Africa and Egypt.

He argued that the ability to mobilise financing for investments in infrastructure has been the difference between developed countries such as USA, Britain, France and those that are still developing.

He added that this has also been the critical success factor for economies like China and Brazil.

His words: “Given the similarities we shared with China and Brazil, ie resources endowments, population and strategic positioning, much is expected of Nigeria.

“All that is expected for both domestic and foreign investments in the ‘trigger’ areas is the design, and assiduous implementation of asset of coherent policies that would create an enabling environment for the flow of investment in the desired areas.

“This creation cannot be far from us with the kind of abundant natural and human resources that abound, it is unfortunate that our economic potentials have remained largely untapped, our resources badly managed till-date,” he affirmed.