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Slow implementation of Procurement Act stunts economic growth, expert warns

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The Federal Government has been advised to ensure full implementation of the Procurement Act in order to accelerate national economic growth.

The Chief Executive Officer of Cyrus Kingdom Development Company, Mrs. Alero Imo, stressed that the slow implementation of the Procurement Act stifles business activities and stunts economic growth.

Imo also stressed the need for more patronage of made-in-Nigeria products.

According to her, the objective of the Public Procurement Act, enacted in 2016, was to adopt local content policy that will favour Small Medium Enterprises, SMEs, in ensuring speedy completion of projects.

The CEO also called for continuous advocacy to ensure government adheres to the full implementation of the Act because of the inherent opportunities for local manufacturers and the economy.

Imo said she strongly believed in the Nigerian brand, lamenting however the “unhealthy competition going on in the furniture and wood market following massive importation from China and Europe”. She cited power supply as another challenge for manufacturers, saying although daunting, the challenges had not diminished the quality of Cyrus works.

“In Cyrus, we build furniture and wood works of international standards and our clients know that our products are of quality compared to imported ones”, the CEO added.

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