By Udeme Clement

As controversy continues to trail Nigeria’s economy following the devaluation of the Naira by Central Bank of Nigeria (CBN), from the official exchange rate of N155 to N168 per dollar, entrepreneurs and investors doing business in the country have been advised to focus more on exploring new investment windows to boost economic growth, rather than causing panic in the system.

Chinedu Ukatu

The chief executive officer, ECN Limited, and Public Relations Officer, Ndigbo-Amaka Group, an umbrella body of over 58 major market associations and medium enterprises operating in Lagos, Prince Chidi Nwafor, made this known in a chat with Sunday Vanguard, at the market summit organised by the group in Lagos, stressing that this is the time for Nigerians to replace expensive imports with locally made goods, which are more affordable.

He said, “There is no need for investors to panic or start speculating, because speculation could even bring about a black market situation. Instead, patronising goods that are manufactured in the country would automatically reduce the demand for foreign exchange in the economy. It would even boost productivity in the manufacturing sector of our economy for industries to thrive. Though the naira devaluation has its economic implication, the reality is that Nigeria would survive without crude oil. I think the measure taken by the apex bank was to maintain price stability and the increase in Marginal Policy Rate (MPR) would enhance capital flow in the economy”.

Speaking on the significance of the market summit for entrepreneurs in Lagos, the Chairman, publicity committee of the group, also Chairman of Somboiz Motors, Comrade Chinedu Ukatu, explained that the summit became imperative, especially following the trend of events in the economic front recently.

He said, “We have many markets as well as industries in Lagos and entrepreneurs play a key role in economic growth and development. At this point, we need economic and political leaders who would formulate good economic policies to move Nigeria forward. We must ensure prudent utilisation of all resources within our disposal. Entrepreneurs must also be concerned about the political fairs of the country.

“The purpose of the summit was also to sensitise market associations and entrepreneurs on the need to participate fully in voting for credible leaders capable of managing our economy for optimum productivity, like what obtains in advanced countries.  Government policies play important roles in regulating our businesses, as such, we must be part of the process of electing those making policies that affect our industries and the economy at large. We organised similar summit recently for other groups and even held a road-show to create awareness for our people to exercise their civil responsibility.  Also, the market associations are made up of different industries doing business in Lagos and across the country, so, we must vote wisely for leaders who would transform our economy for rapid development”.

Those that turned out for the summit include Mandilas Traders Association, Progressive Motor Dealers Forum, Auto Dealers, Fish Dealers Union, Alaba Industrial Market, Ladipo Main Market Traders, Association of Fashion Dealers, Balogun Business Association and Amalgamated Computer Station, Tools and Hardware Dealers Association. Also in attendance were Oshodi Electronic Market, Industrial Market Association, General Electrical Dealers Association (GEDA), Fancy and Furniture Dealers Association (FFDA).