Ambode promises support for manufacturers

Lagos state governor, Mr. Akinwunmi Ambode, has assured manufacturers in the state that government would not relent in its investment on infrastructures and formulation of policies that would make the state remain the premier investment destination for the nation.

Speaking at a business luncheon for Chief Executive Officers and Managing Directors of organisations organised by the Manufacturers Association of Nigeria (MAN), Ikeja Branch, he said the state has spent over N6.6billion equipping security agencies in the last six months alone.

Represented by the State Commissioner for environment, Dr. Samuel Babatunde, he pointed out that aggressive inter-modal infrastructural provision in the transport sector has also seen the government injecting 434 new BRT vehicles and re-launch the Blue Rail Project aimed at providing safe environment for businesses.

In a lecture titled: “Manufacturing in a depressed Economy”, the guest lecturer, Mr Henry Boyo called on the federal government to provide manufacturers with realistic and stable exchange rates, reasonable cost of power and industrially friendly legislation. He noted that the call for diversification of the economy would only be a reality, if the basic structures were put in place. According to him, government must ensure low rate of inflation, supportive fiscal policies and enabling environment for operators. Boyo said there is need for a restructured payment system, which would reduce the space for corruption and capital flight, as naira exchange rate would improve with increasing reserves, reduction in fuel price and removal of serial attrition between government and labour.

In his address, Chairman, Ikeja Branch of Manufacturers Association of Nigeria (MAN), Prince Felix Oba Okojie harped on the need for Federal government to invite committee of tested technocrats and apposite stakeholders towards formulating policies and blueprints that would get the economy back on track. Also speaking, the Director General of (MAN), Remi Ogunmefun, said the association was hopeful that the new Forex policy would help the manufacturing sector to thrive noting that stakeholders would examine it overtime and come up with its position on the new policy.