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| Presidential Muhammadu Buhari |
Presidential Muhammadu
Buhari says with high interest rates and expensive machinery, Nigeria is at
point zero in the area of industrial development. The president stated
this at the State House in Abuja Thursday during a meeting with the Permanent
Secretary of the Ministry of Industry, Trade and Investment Abdulkadir Musa and
senior officials of relevant agencies.
"With high
interest rates and entrepreneurs needing
trillions of Naira to buy machinery, we are virtually back at Ground Zero as
far as industrial development is concerned", the president said.
Daily Trust report continues:
He said his government
would shun all anti-development policies, make the climate more suitable for
entrepreneurs to thrive and generating employment as promised.
The president vowed
that his administration would no longer allow Nigeria's markets to be flooded
with things the country could produce.
"We must believe
in our system. Whenever you need my intervention at anytime, please come to
me," the president told the permanent secretary", Buhari said.
The president also
assured of the implementation of essential reforms to protect Nigerian
manufacturers from unfair competition from abroad.
He said with a focus
on job creation, his administration was ready to do whatever necessary to boost
domestic manufacturing and industrialization.
He said his
administration would fully support the effective implementation of the plan
evolved by the ministry to boost local manufacturing through legal, regulatory
and structural reforms, lower interest rates, special intervention funds,
protection of local manufacturers and significant improvements in national
infrastructure.
Earlier, the permanent secretary had said that the ministry's industrialization plan was aimed at creating more jobs, diversifying exports
and broadening Nigeria's tax base.
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