Why security is bedrock of investors’ confidence, by NACCIMA

The President of Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Chief Bassey Edem, has identified security as the bedrock of investors’ confidence.

He spoke at the opening ceremony of the 38th Kaduna International Trade Fair at Rigachikun, Kaduna State on Saturday.

Chief Edem described the theme of the fair “Promoting public private partnership as panacea for accelerated growth and development,” as a perfect coincidence with the current poor economic situation in Nigeria.

According to him,” the theme of this 38th edition is well-timed looking at the current situation of our economy which has experienced its third successive quarter of negative growth, record-high inflation rates, depreciated currency and a scarcity of foreign exchange.”

While complementing government’s attempt to diversify Nigeria’s economy from oil driven to investing heavily on infrastructure, efficiency in business transaction and exploration of other export alternatives to crude oil, Edem said, “the volatility of the global crude oil market has placed a heavy strain on government revenues,” which may impede its ability to fund such initiatives.

Similarly, the representative of the Federal Ministry of Industry, Trade and Investment, Hajiya Aisha Abubakar, said economic diversification is a necessity.

Following the shortfall in oil revenue, she said this administration is quite aware of the imperative of economic diversification as the only way to move the economy forward moreso, at a time when we are faced with a sharp decline in oil revenue.

The Deputy Governor of Kaduna State, Barnabas Yusuf Bala, an architect said the state has taken another route to aggressively promote investments in agriculture, mining, power and housing by setting up Kaduna Investment Promotion Agency (KADIPA).

He said: “Kaduna State has launched a business licensing reform initiative through Kaduna Investment Agency to help more businesses to formalise their status.”

He wished the participants a success in showcasing their products.