Former Deputy Governor of the Central Bank of Nigeria, CBN, and presidential candidate of the Young Progressive Party, YPP, Prof. Kingsley Moghalu, has called on the federal government to make Nnewi a full manufacturing hub in Nigeria to serve as a panacea for the chase for foreign investment.
Moghalu, who made the call weekend during the Nnewi 2020 Investment Summit contended that Nnewi would hardly become a successful manufacturing hub based on the efforts of the private sector alone hence the need for the federal government to provide the necessary amenities to make businesses thrive in the area.
Muoghalu who was the lead speaker at the event lamented that the federal and state governments in Nigeria are always on the move, looking for foreign investments, when it could support a huge manufacturing hub like Nnewi to reach its limit and in turn help in growing the nation’s economy.
He said, “Nnewi is the only industrial town in the whole world that is growing without the support of government. A huge manufacturing hub that was started from the scratch by indigenes of the town and has continued to grow without the support of the government.
“It will not be out of place to say that the federal government has abandoned Nnewi. Do you know what people in Nnewi will do if what government did at the Lekki Free Trade Zone is done here?
“Let me tell you, manufacturing sector is the easiest way to grow the economy of a country. It doesn’t matter the number of mineral resources you have. How many mineral resources does China have? You can only survive by manufacturing and exporting your products, and that is why China is surviving today.
“That is why I always say that the chase for foreign Investment is a wild goose chase. If you create the right environment, investments will come. Money knows where to go and multiply, you do not need to go asking it to come. Instead of pumping in Naira to rival the dollar, why not create a manufacturing hub and once products are exported and foreign exchange is earned, you will see the economy grow on its own,” Muoghalu said.
Muoghalu also tasked the Nnewi business community to show maximum interest in politics. He contended that politics influences public policy, and that when the right kind of people are in political offices with ideas that can drive business and manufacturing, then, businesses would not face as many problems as they were facing presently in Nigeria.
Mr Kelechi Nwosu, the CEO of TBWA, a leading marketing company and co-sponsors of the event in his welcome address said that the summit is an inaugural event put together to rub minds on ways to scale up growth in Nnewi.
Earlier, the member representing Nnewi North, Nnewi South and Ekwusigo Constituency at the national assembly, Hon. Chris Emeka Azubogu, said the dream of the greater Nnewi industrial hub could be achieved when government provide needed infrastructure to drive manufacturing and also reshape policies that would help drive industries.
According to him, “Government has to work hard to ensure that the policy on energising the economy works in Nnewi. Again, Nnewi business community has to generate power locally; I mean independent power source. When we get reliable, affordable and sustainable energy and support it with what we are getting from the national grid, it will stimulate both economic and industrial growth.”
OGUN FEDERAL LAWMAKER DONATES 500KVA TRANSFORMER
The Federal Lawmaker representing Yewa North/Imeko-Afon constituency, Hon. Jimoh Olaifa has donated 500KVA transformer to supply electricity to the residents of Oke-Ola, Oke-Oyinbo, part of Idofoi, as well as, part of Idagba quarters, all in Ayetoro, Yewa North Local Government.
Speaking during the presentation, Hon. Olaifa, who noted that the gesture would boost power supply and socio-economic activities of the people, added that it was a way of giving back to the society and a replacement to the transformer which got burnt 11 months ago, encouraging beneficiaries to guard the transformer from vandals and ensure regular maintenance.
In his remarks, the Chairman, Oke-Ola Community Development Association (CDA), Mr. Joseph Akinyemi expressed appreciation on behalf of the communities, saying the gesture would go a long way in improving electricity supply and also reduce rural-urban drift among youths of the area.
Akinyemi added that, the presentation “was the best thing that has happened to the communities in recent time”, pledging support to the government and assured the safety of the transformer.
In a separate interview, some residents including the Chairman, Nigeria Union of Tailor (NUT), Imosokan, Ayetoro, Mr. Akeem Idowu, an Iron Bender, Mr. Jamiu Adegbenro, as well a former Councillor, Hon. Joseph Makinde, thanked the Lawmaker for attending to their request, charging other representatives to emulate the gesture.
LAGOS EXPLOSION: GOVERNORS PAY CONDOLENCE VISIT TO SANWO-OLU, DONATE N200M TO ABULE ADO RELIEF FUND
Representatives of the Nigeria Governors’ Forum on Saturday visited the Abule Ado explosion site in Lagos for an on-the-spot assessment of the devastating effects of recent gas explosions that claimed many lives and destroyed several properties worth billions of naira.
Led by the NGF chairman and Governor of Ekiti State, Dr. Kayode Fayemi, the three-man team comprised the Governor of Kano State, Dr. Umar Abdullahi Ganduje and Edo State Governor, Godwin Obaseki and were received Governor Babajide Sanwo-Olu.
Fayemi expressed shock at the magnitude of devastation in comparison to the casualty figures. He thanked God that the number casualties did not exceed what was recorded, saying with what they met on ground, more lives would have been lost.
The NGF chairman praised the Lagos State Governor for his prompt response to the disaster and for setting up a relief fund that would help mitigate the hardship of the victims.
He also commended the Lagos State government for the decision to take immediate action and ensure that the issue of building on pipelines corridors are averted.
The NGF chairman however blamed the incessant explosions on the disagreement between States and Federal Government on ownership of land.
While commending the Lagos State Government for the attention given to the place, he promised that such issues would be addressed going forward.
While announcing a donation for the sum of N200 million on behalf of the Nigeria Governors Forum, Fayemi expressed satisfaction that a more decent and modern community will evolve from the misfortune.
The Governors sympathised and commiserated with those who lost loved ones and properties destroyed by the unfortunate incident and expressed hope that it never occurs again.
Earlier, Governor Sanwo-Olu took the visiting Governors round the explosion site, explaining in details what led to the disaster and how the State Government plans to avert a re-occurrence in the future.
Also in the delegation were the Director General of the NGF, Asishana Okauru and NGF’s Head, Media and Public Affairs, Abdulrazaque Bello-Barkindo.
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