Diversification: FG promise more investment in industrial sector
As part of efforts at diversifying the Nigerian economy, the federal government said it will make available more funds for industrialists, while strengthening its relationship with industrial economies like China.
Speaking at the recent the China-Africa Trade, Investment Summit held in Abuja, the Acting Managing Director of the Bank of Industry, Mr. Waheed Olagunju, said the bank would take advantage of the relationship between the two countries to develop the industry by encouraging local and foreign investors.
While underscoring the significance of Nigeria’s trade relation with China, Olagunju stressed that most of the bank’s successful customers were those leveraging on Chinese business model and technologies.
The BoI boss, who spoke on the topic: ‘China-Nigeria: Leverage for national growth’, noted that there was the need to add value to some of the nation’s manufacturing products in order to address the trade imbalance between Nigeria and China.
Also at the event, president of the Manufacturers Association of Nigeria, Dr. Frank Jacobs, tasked the Buhari’s administration to come up with policies that would protect local industries.
He asked government to improve its trade investment with China so as to attract investors from the country.
He said, “The extent to which Nigeria can benefit from Chinese investment potential will depend on the mind-set of the government, and this includes its political will to mobilise and deplore resources toward the provision of a positive and friendly investment climate.
“Appropriate infrastructure must be in place to attract and encourage investment in key sectors of the economy, such as manufacturing, agriculture, solid minerals and technology development.”
He said appropriate fiscal and monetary policies such as attractive industrial incentives, adequate funding mechanisms and reasonable cost of funding should be formulated and implemented by the government.
The summit which brought together participants from both the private and public sectors discussed prospects and challenges of the Nigeria-China business relation.