ACCI to FG: Develop policies to drive industrialisation, strengthen naira

The Abuja Chamber of Commerce and Industry (ACCI) has asked the federal government to develop policies that will drive industrialisation, strengthen the naira and foster economic growth in Nigeria.

Emeka Obegolu, president of ACCI, made the call on April 24 in Abuja at a roundtable organised by the National Policy Advocacy Centre of the Chamber.

The event was themed ‘Strengthening the Naira’.

Obegolu represented by Adesoji Adesugba, first deputy president, said as representatives of the business community, ACCI has taken the task to advocate for policies that facilitate industrialisation and economic development.

“I urge the government to prioritise the revitalisation of the power sector, recognising its pivotal role in driving industrial growth,” he said.

“The speedy implementation of the Electricity Act of 2023 is paramount, and I call upon sub-national governments to emulate the success of projects.

“Such projects include the Geometric Power Plant in Abia State, which have the potential to bridge the electricity deficit plaguing our nation.”

He said with determination and collective effort, similar projects would soon take root in the federal capital territory (FCT) to further bolster Nigeria’s energy infrastructure.

According to Obegolu, the gathering is more than just a forum for discussion but a platform for action.

“We are here to brainstorm innovative strategies for strengthening the Naira, assessing progress, identifying challenges, and formulating practical solutions,” he said.

“We assure you that the recommendations emanating from this roundtable will be diligently conveyed to the appropriate authorities for implementation.

“Together, let us chart a course towards a stronger, more prosperous economic future for Nigeria.”

Obegolu also said the roundtable was timely as the naira was showing promising signs of resilience against foreign currencies.

He added the naira earned accolades as the best-performing currency globally for March, as recognised by the esteemed Goldman Sachs Group.

While acknowledging the realities confronting the country, he underscored the urgent need for government intervention to curb the trend.

Obegolu urged the federal government to focus on critical sectors such as security, power, and infrastructure.

Also, Mohammed Yelwa, professor at the department of Economics, University of Abuja, reiterated the importance of encouraging production and exportation in the country.

Yelwa urged the Nigerian business community to embrace information and communication technology (ICT) to enhance the growth and development of their businesses and the country at large.

‘STRONG CURRENCY ENHANCES ECONOMY’

On his part, Ola Olukayode, chairman of the Economic and Financial Crimes Commission (EFCC), said a strong currency in any country enhances economic development by increasing the purchasing power of customers.

Olukayode, represented by Francis Usani, director of fraud risk assessment and protection control departments at EFCC, also said a valued currency attracts foreign direct investments and encourages customers to store value in the given currency which will in turn address long term needs. 

However, he said some factors are contributing to the country’s poor naira, adding that there has been collaboration with other relevant entities in addressing some of the factors perceived to weaken the naira and affect its stability. 

“When it became obvious that the rate of the naira to other foreign currencies like the USD were being manipulated by unscrupulous persons for personal gains rather than for national interest, the office of the National Security Adviser (ONSA) constituted and inaugurated a technical committee on currency stabilisation with the core mandate to look into the matter,” he said.

“The EFCC is currently piloting the technical committee which has revealed various trends and patterns of manipulation of the naira, these has also prompted the EFCC to take the initiative to enforce and ensure the implementation of extant laws on foreign exchange malpractices.

“Partnership with the ACCI therefore becomes critical to further address this subject and keep the naira strong and stable.”

Olukayode further urged citizens to consider information sharing as a veritable means to assist their efforts, adding that EFCC and the government cannot do it alone.