Fighting over-regulation and currency constraints to make manufacturing easier – stakeholders tell FG – SoundiataPost
As Nigeria celebrates 61 years of independence, some stakeholders in the manufacturing sector have urged the federal government to tackle over-regulation, port irregularities and currency constraints, in order to improve the economy.
Mr. Segun Ajayi-Kadir, managing director of the Manufacturers Association of Nigeria (MAN), said on Friday that 95% of manufacturers believe excessive regulation by government agencies is having depressing effects on manufacturing.
Ajayi-Kadir spoke to the Nigerian News Agency (NAN) in Lagos.
âManufacturers are subject to multiple regulations over a single manufacturing process occasioned by federal, state and local government agencies.
âThe federal government has in its possession the report of the Steve Orasanye Commission on the Harmonization of Government Agencies; it is important to start the full implementation of the content of the report, supported by appropriate monitoring and evaluation, âhe said.
He also said the government should review port charges given the impact of the COVID-19 pandemic on the economy.
He added that it was necessary to ensure that only legal fees were paid when clearing the cargo.
He called for encouraging banks to build their capacity, through designated offices, to ensure transparent and timely processing of foreign exchange requests by manufacturers.
âThe direct intervention of the Governor of the Central Bank of Nigeria to ensure that MAN members access funds, especially the N1 trillion COVID-19 stimulus package, is important.
“Manufacturers should be made aware of the current feasibility of the 220 billion naira Micro, Small and Medium Enterprise Development Fund and the 300 billion naira real sector support mechanism and how to access it,” he said. he declared.
Commenting, Chief John Udeagbala, President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, said Nigeria’s economic growth since independence has remained positive with the potential for equal the most developed economies.
He said, however, that after two economic recessions and a global pandemic in the past decade, the Nigerian economy was facing high rates of inflation and unemployment, as well as a low rate of growth.
He added that the economy was faced with local and foreign debts and a depreciating currency while remaining largely dependent on imports.
Udeagbala advised governments to harness the ingenuity and innovation of the private sector while creating an enabling environment for them to operate.
âExecutive Decree 7 on the Road Infrastructure Development and Renewal Investment Tax, the NERC Regulation for Mini-Grids, and the Modular Refinery Policy in Nigeria are examples of policies that can take advantage of the purchasing power of the private sector and providing the necessary infrastructure to increase the productive capacity of the economy.
âIf priority is given to the effective implementation of these policies without bureaucratic bottlenecks and an enabling environment is created for the private sector to engage in production and trade, I firmly believe that the he Nigerian economy will return to the path of sustained economic growth. .
“This is especially in the context of a good mix of fiscal and monetary policies that do not work against each other,” he said.
Regarding the judiciary, Mr. Bayo Akinlade, the National Head of Anti-Corruption in the Judiciary (FIACIJ), said Nigeria has done well in terms of enacting laws that would have a positive impact on the citizens.
He said, however, that the laws were passed from different traditions that did not match many of the traditional beliefs of the people.
âThis is one of the things that we have struggled with in Nigeria for 61 years.
âWe should get to the point where Nigeria is legislating for its own people to reflect our cultures and traditions.
âOnce we do that, it will have a positive impact on the administration of justice in the country.
âWe had a justice system before colonial rule, but since independence we have abandoned much of our traditional justice system and adopted the British and American justice system,â he said.
According to Akinlade, at 61, Nigeria is still young compared to other countries, but with technology, the age of the nation should not be a setback.
He said the Nigerian leadership needed to be more altruistic.
He also called for the decentralization of national justice.
âStates must have more independence to recruit judges based on how they can pay their remuneration.
âWe need to decentralize the administration of justice and we need to ensure that state governments do more in this regard,â said the FIACJ official.
A lawyer and public affairs analyst, Mr. Ademola Adewale, called for investing in the digitalization of the justice system.
Adewale said the court system was slow because it was run manually.
âThe justice delivery system, especially in civil matters, is too technical and procedural-driven, which slows down the system considerably.
âThere is also the need to constantly improve human capital by training staff at all levels of the administration of justice,â he said.
He identified the delay as a major setback for the justice system.
âNo case illustrates the slowness of the system better than the trial of Orji Uzor Kalu.
âIt took about 12 years to try to convict him. The conviction has since been quashed.
âEven the attempt to try it again suffered a big setback,â Adewale said.
On social media, the national chairman of telecommunications subscribers, Chief Adeolu Ogunbanjo, has called for the federal government’s ban on microblogging giant Twitter to be unconditionally lifted.
Ogunbanjo made the appeal Friday in an interview with the Nigerian News Agency (NAN) in Lagos, in response to the 61st anniversary of Nigeria’s independence broadcast by President Muhammadu Buhari.
NAN reports that, during the show, Buhari announced the conditional lifting of the ban on Twitter.
Ogunbanjo said the unconditional lifting of the ban would be Nigeria’s independence anniversary gift.
âThe government should lift the ban and lift it completely so that everyone can use it.
âWe want it to be used for information dissemination and interaction.
âThey can still guide and monitor hate speech, but give users the freedom to communicate and get information from other parts of the world,â Ogunbanjo said.
The federal government suspended Twitter operations in Nigeria on June 5, to guard against fake news, hate speech and other negative effects.
Buhari said on the show that after the suspension, Twitter Inc. contacted the federal government for a possible resolution of the issue.
âSubsequently, I formed a presidential committee to engage Twitter to explore the possibility of resolving the issues.
âThe committee, along with its technical team, engaged with Twitter and addressed a number of key issues.
âThese are national security and cohesion; registration, physical presence and representation; fair taxation; dispute resolution and local content.
“After the many engagements, the issues are addressed and I have ordered that the suspension be lifted, but only if the conditions are met to allow our citizens to continue using the platform for positive business and engagement,” did he declare.
The President said Nigeria is committed to ensuring that digital businesses use their platforms to positively impact the lives of citizens, respect Nigeria’s sovereignty and cultural values, and promote online safety.