PHCCIMA charges govt on incentivising OPS participation in economic growth

The Port Harcourt Chamber of Commerce has tasked the Federal Government on policy implementation and the need to incentivise manufacturing as well as private sector participation in real sector activities that will aid economic growth.

According to the chamber, putting in place sound economic policies involving a rational balance of responsibilities between the private and public sector is the panacea to securing sustained and widespread economic progress in the country.

Speaking at a business forum in Port Harcourt, the President of Port Harcourt Chamber of Commerce, Dr. Emi Membere-Otaji said implementing such policies has become imperative considering that the private sector is the livewire of growth in production while the public sector establishes the framework and enabling environment for growth.

He advised that the private sector must leverage the large arable land which the country is blessed with to pursue aggressive farming and its value chain –agro allied industries.

“More importantly, we must provide incentives to encourage manufacturing, put in place tax rebate to give soft landing to investors and tackle the issue of epileptic power supply which particularly has been instrumental to stifling our national growth as a country and of course clamp down on the issue of nuisance taxes”, he added.

The PHCCIMA helmsman observed that the falling prices in global oil prices may have greatly affected the Nigerian economy but noted that it is not the end of the world.
According to him, our current economic predicament could turn out to be a blessing in disguise capable of turning our economic fortunes around.

However he advocated that government institutes a policy thrust that has a human face to attract Foreign Direct Investments (FDIs), creates an enabling environment for businesses to thrive, boosts employment in the country and one that also tackles the issues of multiple of taxation.

Dr Membere-Otaji explained that economic development stalls when governments do not uphold the rule of law, fail to pursue sound economic policy and make appropriate social investments in national decision making.

“Nigerians must accept the fact that oil is truly gone and focus on other core areas and sector like solid minerals, agriculture and by diverting capacities in the core oil sector to boost other sectors”, he said.