By Providence Obuh
THE Organised Private Sector (OPS) has said creation of enabling environment for businesses to thrive remains the only solution to recession in Nigeria.
Speaking at the just concluded Summit and Award Ceremony organised by Commerce and Industry Correspondents Association of Nigeria (CICAN) in Lagos, OPS urged government to support private sector investments by creating enabling environment.
Director General, Lagos Chamber of Commerce and Industry, Mr. Muda Yusuf, said the solution to recession lies with private sector investment, and urged the government to support private sector investment by providing enabling environment.
“With this, no matter the capital or investment you inject in the economy or your business, it will not show. We need a more enabling environment in the infrastructural perspective,” Muda said
President of Manufacturers Association of Nigeria (MAN) Dr. Frank Udemba Jacobs said that there is an urgent need to pay attention to the country’s industrial sector.
In doing this, he said that particular note should be taken of the manufacturing sector consequence upon its very high capacity to transform the economy, create employment for the citizenry, create wealth, transfer technology and improve the general living standards in the country.
Guest speaker, MD, Stellarchem, Mr. Ikpong Umoh, said that had Nigeria invested all the money it made from crude oil export, we probably would not be where we are today.
“Nigeria could not invest oil money because it was exclusively controlled by the centre, it was the centre that decides when to spend the money and when not to, the centre was in-charge of the oil proceeds because we run a mixture of a unitary, parliamentary and even a feudal system of government while pretending to be democratic.
“If we must tell ourselves the truth, we must get down the root of what has brought us to where we are, the cause of the problem in Nigeria, the political structure in Nigeria has an overwhelming influence in the direction of our economy.