Opening of boarder would revamp Nigeria’s ever dwindling economy

The Senate Committee on Industry has stated that the sure way to revive Nigeria’s ailing economy is the opening of its borders.

The Chairman of the Committe, Sen. Francis Fadahunsi in his inaugural address of the Committee said the expectation of Nigerians with regards to revamping the dwindling economy were high.

He stated that the task before the committee is a daunting one and demands hardwork from members to lift the country from its present economic trauma .

“Permit me to quickly remind us, distinguished colleagues, that the task ahead of this Committee as it concerns its specific mandates is enormous. Truth be told, our actions and inactions will contribute significantly to the success or otherwise of this 10th Senate and the nation’s economy at large, which frankly speaking, is presently not where it ought to be.

“Resuscitating Nigeria’s ailing industries and providing the conducive legislative environment that will promote greater Foreign Direct Investments (FDIs), ease
the doing of business by all investors, especially the majority Micro, Small and Medium Enterprises (MSMEs) as well as attaining increased efficiency in
revenue generation and budgetary expenditure by Government Agencies under the oversight of this committee has become imperative”.

Senator Fadahunsi reiterated the need for immediate commencement of legislative activities as quickly as posssible especially on Automotive Industry, its regulatory agency: the National Automotive Design and Development Council (NADDC) and many Auto Assembly/ Manufacturing Plants in Nigeria.

According to him, this will immediately stimulate the economy by exoanding revenue sources in line withe the policies and programmes of the federal government.

The relevant agencies as stated by Sen. Fadahunsi, directly under the oversight of the Committee include ; Standard Organization of Nigeria (SON), National Sugar Development Council (NSDC), the Industrial Training Fund (ITF), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the Bank Of Industry (BOI).

The Osun State born Senator , hailed the federal government under President Bola Ahmed Tinubu on approval of Presidential Council on Industrial Revitalization Roadmap.

“If media reports credited to the Minister of Trade , Industry and Investment Doris Uzoka-Anite about approval of presidential council on industrial Revitalization Roadmap by Federal Executive Council (FEC) to be chaired by Mr. Presidet are indeed true, then that can be taken as a bold step in the right direction . This of course, should be one policy that would be of special interest to the committee and we should endeavour to follow through”, he concluded.