By Anaso Patrick
Awka – The Onitsha Chambers of Commerce, Industry Mines and Agriculture(OCCIMA), has urged the Federal Government to reduce 14 per cent interbank exchange rate as an incentive to stimulate the economy.
The President of the Chambers, Dr Uche Akpakama, made the call in an interview with the News Agency of Nigeria (NAN) in Awka on Monday.
Akpakama said the manufacturing sector was now operating at its lowest capacity due to the stiff foreign exchange rate market being accessed to procure imported raw materials.
“We are essentially a country that import raw materials and covert them to products locally, with the crunch on the dollar the Nigerian manufacturer who depends essentially on imported raw materials is virtually closing shop.
“The monetary policy of this country; how can you grow an economy out of recession when you have 14 per cent at the interbank rate.
“It cannot work, wouldn’t you set up industries, wouldn’t you get this running, at what interest rate will get that done, and the private sector employs most Nigeria and the industries carries a lot of weight on that employment.
“Because the industries are producing, people are trading down the line and people are engaged every day, so government must look at the Industry and that is what NACCIMA is talking about; look at your policies and support the industries,” he said.
Akpakama, however, stressed the need to maximise the opportunities offered by the period of economic recession to launch Nigeria to a “higher economic pedestal.”
According to him, the forthcoming Anambra International Trade Fair is going to serve as a platform for local manufacturers to showcase their ingenuity and ability to compete with their foreign counterparts.
“Challenges bring out the best in anybody and today we are talking of locally-made products, we are looking at inward integration.
“So those who are making local products have the opportunity to exhibit themselves at the fair.
“ People can no longer afford foreign things, they are asking for similar things that are done locally that can add the same value as the foreign ones.
“So we believe that the trade fair that the people making things locally want to come and showcase themselves, we are there; that we are as good as the ones that are imported from America, China or UK or India.
“We believe that local manufacturers using local raw materials will excel at the fair, that those who produce even intermediate goods for export should come and exhibit their goods.
The Anambra International Trade Fair will be held in Awka, Nigeria, starting on Nov. 25. This Trade Show is a 15-day event and will end on Dec. 9.
