OSINBAJO BLAMES RECESSION ON NIGER DELTA.
A lot depends on what sort of recession and how we got here.“If we did not have vandalism in the Niger Delta as we are currently suffering, we will not have this recession today.
Moreover, in looking at the solutions, we should try to focus on the type of problem we have and what instigated it then we can begin to come up with better solutions.”Osinbajo, who is the head of the Economic Management Team, said the Federal Government was ready to address challenges in the power sector.He added, “We are doing a whole lot by interfacing with the private sector because we realise their role in the economy. If the Dangote refinery comes on stream, it will help us overcome some of those challenges like the sub-sea gas pipelines; it will take care of vandalism.“But I think the more important thingis how to clean up the mess in the power sector, especially infrastructure, in the short term, we will try to bring up power to an appreciable level to help the manufacturing sector.
”The members of the organised private sector, who were present, listed 13 challenges they were facing.Top on the list are access to finance which got 32ý per cent vote, access to foreign exchange (23 per cent), high interest rates – (18 per cent) andhigh energy cost (18 per cent).
Other challenges listed are: transportand infrastructural deficit (nine per cent), weak export support, inconsistent government policies, and absence of clear investment policies.Others are ease of doing business and approval delays, low support for domestic manufacturing, customs delay and security.The members of the private sector who took turns to list out the challenges and proffer both immediate and long term solutions, called on the administration of President Muhammadu Buhari to address the issues.
Also speaking, the President, Lagos Chamber of Commerce, Micheal Cole, advised the government to show consistency in its policies as investors usually reacted negatively to instability.He lauded the Presidency for initiating the quarterly forum, saying government could measure its progress by getting regular feedback from the citizens.
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