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FG urged to support industrialists through favourable banking policies

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Babalola Muyideen Oyeyemi

The Federal Government has been urged adopt policy mandating banks to set aside a percentage of their net profits to support industries in the country otherwise more industries will crumble.

The Vice President of Kwara Chambers of Commerce, Industry, Mines and Agriculture, (KWACCIMA ) Mr. Babalola Muyideen Oyeyemi, stated this while speaking with journalists in Ilorin.

He noted that such policy will not only revive moribund industries but will also assist existing industries to grow and in turn, reduce the high rate of unemployment particularly among our teeming youths as done in the education sector under the TETFUND.

Babalola explained that such funds would be managed  by Nigerians with integrity and be accessed by indecent would-be industrialists without much burden as the government can no longer provide white collar jobs for the citizenry.

The Industrialist further disclosed that except Nigeria becomes an effective producing nation, the economy can not grow and lamented that presently, Nigeria relies on trading where countries like China, Dubai and India use her markets as a dumping ground .

The industrialist added that in as much as the government might not completely ban importation, government need to protect the local manufacturers by imposing heavy tariff on imported goods  thereby discouraging foreign products into the country, ROYAL NEWS reports.

He claimed that the government has been given lip service on the enforcement of patronizing made in Nigeria goods claiming that at most government functions foreign products were always displayed and made use of against the indigenous items.

The KWACCIMA Vice President however regretted that finished Nigerian products compete with foreign goods in the country whereby Nigerians still have to pay heavily for energy, multiple  taxation and to source for funds for their businesses alleging that most of the foreign products imported to the country are substandard products and fake.

 

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