President Buhari orders review of economic policies before 2016 Budget
Nigeria’s President Muhammadu Buhari says he is ready to reverse or abandon some inherited economic policies if doing so will lead to the creation of more jobs for Nigerians.
He stated this when he received the Executive Members of the Manufacturers Association of Nigeria, MAN, at the Presidential Villa, Abuja.
President Buhari who stressed the importance of conducive atmosphere for economic growth, directed the Ministries of Industries, Trade and Investment, and Finance, as well as the Central Bank of Nigeria, CBN, and other relevant agencies to evolve new policies in next year’s budget, to boost domestic manufacturing, VON reports.
“We are in difficult times economically, but we’ll continue to do our best for manufacturing to pick up. We must begin to behave as if we have no oil at all.
We will gladly have policy somersaults, if it will mean more jobs, particularly for youths. I campaigned on three major planks. To effectively secure our country, provide employment through revamping the economy, and wage a relentless war against corruption. I intend to keep faith with these promises.” the President said.
He lamented that the textile industry that employed about 320,000 people in the past only parades about 30,000 now.
“It shows the carelessness of past governments, if almost 300,000 people lose jobs in a single sector. We have a clear idea of how we can stimulate employment and we will work very hard to do so,” President Buhari told the MAN delegation.
The MAN President, Dr Frank Udemba Jacobs had appealed to the government for a review of policies that stifle the manufacturing sector.
He noted that the importance of a robust manufacturing sector for the general well-being of the economy cannot be over-emphasised.
Posted by Janice Johnson
