Archive 140bn Loan Facility Should be Disbursed to Local Manufacturers...

140bn Loan Facility Should be Disbursed to Local Manufacturers Alone’ NANT President Warns FG

-

- Advertisment -

Seye Joseph

The National Association of Nigerian Traders has commended the administration of President Muhammadu Buhari for the provision of One hundred and forty billion Naira (N140 billion) in the 2016 budget, for allocation to traders, market women and other artisan (SMEs) across the country.

This was contained in a press release by the government agency and signed by the Secretariat President, Ken UKAOHA.

Ukaoha said that this is the first time any government in Nigeria has recognised the role of traders as the heartbeat of the nation’s economy and made such provisions that would directly target at them to recognise the role of traders as critical partners of change and agents in the redistribution of wealth through the circulation of goods and services across the country.

“This is the surest demonstration of the strategy to jump-starting and stimulating the almost comatose economy, as a bait for increased productivity, employment generation and ultimate reduction of poverty especially among the poor and vulnerable section of the Nigerian society”

In another vein, Ukaoha wants the fund to be effectively directed at the targeted group by ensuring that the selection and disbursement processes are devoid of political, party affiliation, and all forms of ethnic sentiments.

He cited that such previous meant for people to stimulate the economy have rather promoted party affiliations, enriched party supporters, and created ethnic bias and other sentiments that frustrated the original policy intention.

“The criteria for selection of beneficiaries, the mode of disbursement and the repayment strategy should be made crystal clear as these still remain opaque to Nigerians. We are concerned that if these are not quickly put in place, the laudable initiative may go the way of other economic stimulants and facility packages designed by past administrations which never achieved their objectives.

“Our further concern is that the banks through which previous facilities were administered ended as siphoning conduit for the same bank officials and unscrupulous politicians who till date can neither account for such facilities or accurately evaluate the value addition or measure the overall impact thereof to the economy”, he advised.

He said that the criteria for selection of beneficiaries must be for people that want to deal in locally made goods and agricultural commodities.

He believes that the fund would create the required visible interlink between agriculture, industry and commerce which are key to diversification of the economy as canvassed by the administration.

“The fund provide space to retain and recalculate within the country rather than escape to other countries where they would create jobs, increase productivity and boost/improve the production or manufacturing sector of other countries”

He called on the Office of the Vice President, the Honourable Minister for Industry, Trade and Investment (FMITI) and other relevant MDAs to  convenes an urgent meeting of stakeholders to design transparent and strategic approaches for achieving the objectives of the fund.

“It is instructive that government acts fast on this as it would actually enliven and stimulate the economy, improve liquidity in the system and the redistribution of wealth that would galvanise the ailing economy”, he urged.

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

JONAPWD-LAGOS Commends Sanwo-Olu For Restoring Disability Empowerment Fund

Kenneth Afor |  The Joint National Association of Persons Living With Dissabilities (JONAPWD ) in Lagos state has commanded Babajide...

Groups Call On Judicial Panels Of Inquiry To Dispense Justice On Victims, Survivors Of Police Brutality

Kenneth Afor | The Network on Police Reform in Nigeria (NOPRIN) and Centre for Law Enforcement Education (CLEEN Foundation) has...

COVID-19 Second Wave: FG Urged To Ban Flights From Britain, Others

By Ijeoma Ukazu | With some countries currently experiencing the spread of the new COVID-19 variant, the Health Writers’ Association...

“I am not distracted by calls for 2023 presidential race” — Yahaya Bello

Kogi state Governor Yahaya Bello has said calls for him to contest in the forthcoming 2023 presidential election is...

AfDB Provides $25m To Boost Low-Carbon Energy Generation

The African Development Bank’s Board of Directors on Monday, December 14, 2020 approved $15 million from the Sustainable Energy...

Civil Defence Receives COVID-19 Testing Equipment

The Commandant General, Nigeria Security and Civil Defence Corps, Abdulahi Gana Mohammadu on Friday in his office received Covid...

Must read

JONAPWD-LAGOS Commends Sanwo-Olu For Restoring Disability Empowerment Fund

Kenneth Afor |  The Joint National Association of Persons Living...
- Advertisement -

You might also likeRELATED
Recommended to you

%d bloggers like this: