WALE Adegbite, former Chairman, Manufacturers Association of Nigeria(MAN) Ogun Chapter, has urged the Federal Government to improve the state of infrastructure in the country in a bid to attract more investment.
According to him, the move, if taken, will make the country a hub for foreign and local investment, thereby boost the country’s economy.
The former MAN boss of the Ogun chapter was reacting to the increase in the inflation rate in the country from 11.02 per cent in August to 11.24 in Sept.
NAN reports that National Bureau of Statistics (NBS) had on Tuesday, said that the nation’s inflation rate had increased from 11.02 per cent in August to 11.24 in Sept.
According to him, the only way the federal government can make the country one of the best business destinations is to create conducive operational environment for investors.
He listed stable electricity, good road network and security among others as critical factors that would enable manufacturers operate at the optimal level and reduce the cost of production.
Adegbite said that this would make real sector to produce more goods locally rather than importing them as well as attracting foreign investors into the country.
He expressed worry on the dangers of increased inflation, noting that inflation had never done anything good for any economy.
“It reduces the purchasing power of consumers and thereby reducing the sales of manufacturers.
“Inflation means that our costs are increasing and most time, the manufacturers cannot pass the cost increase to our customers, thus, reducing our profits margin,” he said
Adegbite further urged overnment to redouble its efforts to put in place, fiscal and monetary policies that would bring down the nation’s inflation rate.
Also speaking, Dr Samuel Nzekwe, former President, Association of National Accountants of Nigeria (ANAN), also advised the Federal Government to provide critical infrastructure that would make the real sector work effectively.
Nzekwe said that providing infrastructure like regular power supply, good road network and security would ensure increased production of ngoods in the country by the real sector.
According to him, this will create job opportunities for the teeming youths and boost the country’s Gross Domestic Product (GDP).(NAN)