By Peter Usman
Abuja (Nigeria) — Chairman of Paradise Production Limited, Ambassador Israel Chukwuma Edward, has called on Nigeria to create the enabling environment that would woo investors into the country. This according to him will also encourage small and medium scale industries to strive towards boosting the economy of Nigeria.
Mr. Edward made the call at the 7th Nigeria International Trade Fair in Abuja, the national’s capital, with a theme: âPromoting made in Nigeria goods and others.
He noted that what develop the economy of any country is not government, but Small and Medium Scale industries coupled with foreign investors that come to invest in that country.
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âIf government can create enabling environment, foreign investors, business men and tourists will come in to invest and also buy our goods and services, thereby bringing in foreign exchange into the country. With these two entities â local entrepreneurs and foreign investors, there will be abundant food, services and money in the country.
âAnd for these local and foreign investments to strive in any economy depend on government policies. If there is harsh economic policy, it drives away entrepreneurs from the economy. For example, if there are no infrastructures, investment will go into extinction,â he said.
As a way of making it easy for people to go into business and as well establish industries in the country, Edward advised that interest rate charged for lending money should be pegged between zero to five {0 -5%} percent, stressing that if lending policy is high and the requirements are too hard, they will be discouraged.
âThis will lead to downsizing and retrenchment of workers from various establishments, both in private and public sectors. Entrepreneurs should be evolve stringent measures to dissuade importers from importing these things which are produced locally.
âThese large influxes of foreign materials push out locally produced materials out of market, because they are cheap and are as well competing with our own productsâ he said.
