Nigeria Needs More Than Unified Exchange Rate To Become Productive – Enemuo

A businessman and manufacturer, Mr Christopher Enemuo has said Nigeria needs more than just a unified exchange rate to move from a consuming to a producing nation.

He, however, said the recent policy of unifying the exchange rate and the law for independent power generation signed by President Bola Tinubu are steps towards meeting the needed target.

Enemuo who spoke to journalists in Awka at the weekend, said for Nigeria to truly become a producing nation, a lot more needed to be done, including placing manufacturers as priority citizens and accessing their values, and using it to help the country.

“The present government has made moves toward addressing some key factors which would go a long way to solve difficulties encountered by manufacturers in Nigeria.

“The unification of exchange rates and the independent power generation policies are two aspects propelled toward relieving about 45% of the problems.

“To jump-start consumption-to-production, there are configurations of relatively common factors which are germane in the objective, and they include making manufacturers priority citizens and accessing the intellectual values of manufacturers.

“Manufacturers need to be in a position of advantage in the course of their manufacturing activities.

“There is a need for direct partnership between production industries and the government. Like quick issuance of all necessary documents, for instance; licences and Certificate Of Occupancy (C of O) where applicable.

“Health insurance for eligible manufacturers, direct access to government-subsidized funds, facilities and benefits, quick judicial adjudication where a manufacturer is involved and fast-tracking the clearing of industrial equipment at the ports and berths.

“Again, most financial institutions in Nigeria are more interior in the aspect of lending. The institutions are more concerned with fixed assets because that is what their physical eyes can see; hence, they are shallow on the intellectual scope notwithstanding its solid and futuristic nature.

“There’s a need for the federal government, through the Central Bank Of Nigeria (CBN) and Bank Of Industries (BOI) to meet the financial needs of the manufacturers.

“These disbursing financial institutions are sunk into the outdated facility system; paying all attention to fixed assets, landed properties and bonds.

“In contrast; the intellectual aspect which is more valuable and visible is not only ignored but most times subdued and eventually eliminated. This oversight is more discouraging when the disbursing banks are the manufacturer’s bank which has enjoyed uninterrupted tons of turnover for decades; this is how interior most financial institutions in Nigeria are,” Enemuo lamented.