Why Local Factories are Closing Down – Buhari

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President Muhammadu Buhari Friday in Abuja said everyone must play by the rules when it comes to trade and business activities that are central to Nigeria’s economic development.

President Buhari spoke at State House when he received a delegation from the Nigerian Association for Chamber of Commerce, Industry Mines and Agriculture (NACCIMA), Federation of West African Chambers of Commerce and Industry (FEWACCI) and representatives of the Organised Private Sector (OPS).  

The President, who reiterated the commitment of his administration in ensuring that the trade and business sector continues to flourish in job creation, noted that a critical success factor was the adherence to law and ethics by all stakeholders.

”Unfortunately, in recent times, many traders simply do not play by the rules.

”Our markets are flooded with smuggled and counterfeit goods. By these selfish practices, we help keep foreign factories working while closing ours.

”From medicines to electronics to food items, our potential to manufacture and create jobs locally is severely hindered by a handful of Nigerians who choose profits over patriotism.

”We have all heard stories about the dangerous and sometimes, fatal impact of fake drugs and foods on our citizens.

”We have also seen how fake electrical items have led to fires in homes and markets thereby destroying lives and properties.

”Most of these substandard and illegal items are smuggled through our land borders,” he said.

In her remarks, Hajiya Saratu Aliyu, President FEWACCI, NACCIMA and OPS, commended the recent decision by the President to constitute a new economic team to steer the Nigerian economy on the path of sustainable growth.

On the Economic Advisory Council (EAC), she said: ”NACCIMA, FEWACCI and indeed the OPS are full of hope that a new era is on the horizon with the calibre of persons on the team which reassures us at the OPS that Government is ready to turn around the story of Nigeria.”

Aliyu also hailed significant accomplishments recorded in all sectors of the economy including but not limited to reduced corruption, foreign exchange stability, bottom of the pyramid programmes, increased ease of doing business, increased capital expenditures, among others.

The president of NACCIMA appealed for the kind intervention of President Buhari in the provision of property within Abuja for the location of FEWACCI headquarters.

She also briefed the President about the 21-point NACCIMA programme, tagged ‘‘Unleash the Giant’’, adding that the association intends to engage the Federal Government on 16 of those stated points with the goal of ensuring business growth and socioeconomic advancement through public and private sector collaboration.

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