Lagos - The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has urged the Federal Government to pursue friendly policies that would stimulate the economy.
Emmanuel Cobham, Director-General of NACCIMA, said that government should pursue policies that would enable manufacturers have access to foreign exchange for raw materials to boost their production.
He said in Lagos on Tuesday that the chamber’s expectations for 2016 hinges on government stabilising and strengthening the manufacturing sector through friendly policies.
Cobham said that activities of the manufacturing sector had been stifled by restrictive foreign exchange policies that hindered access to procurement of raw materials, not available locally.
He opined that while some of the foreign exchange policies could revolutionise local industries in the long-term, advised that caution should be taken in its execution to avoid disruption of local production.
Cobham said that continued growth and investment in the manufacturing sector would be guaranteed through increased access to foreign exchange.
He explained that sustained agricultural policies by the government would strengthen the agricultural sector to produce production inputs for industries while creating more jobs for the youths.
He added that improved infrastructure would reduce the cost of production, which would in turn make local goods and services competitive in the global market.
The director-general also urged the government to formulate policies that would strengthen the value of the Nigerian currency against its steady decline in the foreign exchange market.
He called for a reduction in the lending rates from its present 11 per cent to a single digit rate to re-invigorate the real sector in the country’s diversification drive.