Business
NACCIMA Seeks Private Sector Participation In Policy Formulation
The Nigeria Associa
tion of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has sought for the private sector participation in policy formulation on issues relating to the nation’s economy.
The Vice President of NACCIMA, Prince Billy Gillis-Harry stated this, while speaking to The Tide in Port Harcourt.
Gillis-Harry said there was need for synergy between the public and private sectors in the provision of sustainable infrastructure needed for the nation’s economic growth.
He said banks were not in support of business growth in the country, rather, he stressed that banks could only know how to keep money and charging high transaction costs which is discouraging stakeholders from investing, in businesses to make profits and protect new entrants, ideas and innovations.
The association vice president said the country’s business environment was low, stressing that the policies that should have kick-start the growth of the economy were not put in place.
He also urged the national assembly to ensure the quick passage of the Petroleum Industry Bill (PIB), rather than the bill gather dust on the floor of the national assembly.
Gills-Harry said the PIB was aimed at tackling the excesses in the petroleum industry and ensure the promotion of local content to boost the grow of indigenous capacity in the oil and gas sector of the economy.
He said for the country to be fully industrialized and be stable economically not only in oil and gas sector, but in all aspects of the nation’s economy, local content should be a focus to deserve greater percentage of home grown production of local consumption items.
He said the local content law implementation would raised the level of the nation’s Gross Domestic Product (GDP).
Gills-Harry also commended the Nigerian Content Development and Monitoring Board (NCDMB) for their good performance in the oil and gas sector as the law stipulated.
He called for the expansion of the local content law to cover manufacturing and food production to enable agriculture come back as the mainstream of the nation’s economy and boost the GDP.