Don advocates investment-friendly policies to drive industrialisation
Former Dean, Faculty of Administration, Bingham University, Karu Nasarawa State, Prof Nuhu Gado has urged the Federal Government to develop investment - friendly policies to drive industrialisation.
The don also said foreign investors should be allowed to bring funds and also to take them out.
Source: Twitter
Prof Gado said this while delivering the 10th inaugural lecture of Bingham University, Karu, Nasarawa State on Tuesday in Abuja with the theme: “Strategic Management of Nigeria's Industrial Sector and Economic Development: From Dumping, slumping to Japa Syndrome.”
Gado, a former Director Academic Planning and current representative of Senate to the 6th Governing Council of Bingham University, noted that infrastructure like roads, land, power and others needed by manufacturers to drive industrialisation should be prioritised.
He stated:
“Investment-friendly policies should be developed and be consistent. Foreign investors should be allowed to bring funds and also to take them out. Also, investment in exports should be encouraged by providing funds and assisting in upgrading quality to meet international standards.
“Infrastructures like land, roads, power, water and communication should be provided for industries. Infrastructures needed by manufacturers should be prioritised
“The government should also provide an enabling and safe environment. This environment should contain contract sanctity, ease of doing business where merit is the yardstick for competition, incentives targeted at key industries with high growth potentials, interest and exchange rate stability and security.”
According to him, institutions such as the Bank of Industry (BoI), the Bank of Agriculture (BoA), Nigeria Export and Import Bank (NEXIM) that support industrialisation should be made to function.
He said this can be done by staffing them with competent professionals that are transparent and by demanding targeted performance from them.
He added:
“The Micro, Small and Medium Enterprises (MSMEs) should be brought into the mainstream by supporting them with credits, road and market linkages.
“Industries should improve their competitiveness by producing quality products that can withstand international competition. When this is combined with competitive pricing, market share can be increased along with profits.
“Investors should have a strategic focus by saving from profits in a sinking fund for future replacement of their machines instead of harvesting their investment through cannibalising some old machineries to refurbish other ones.
“Transparency and accountability are a must in all sectors and by all people. This is so because even if all recommendations made are done, as Nigeria might have likely done, there will be no results until corruption at all levels is checked. Here lies the joker.”
Vice - Chancellor, Bingham University, Karu, Nasarawa State, Prof Haruna Ayuba said that the topic was one that touched the very heart of Nigeria’s economic future.
“This topic resonates deeply in our current socio-economic landscape, where Nigeria faces remarkable challenges and yet amid the challenges there are unprecedented opportunities,” the Vice - chancellor stated.
According to the VC, Prof Gado has recognised the urgency of addressing the issues in the topic through strategic management approaches.
Prof Ayuba added:
“As management, we are deeply committed to advancing Nigeria’s development agenda through fostering an environment where critical thinking, intellectual curiosity, and scholarly excellence thrive so that we can transform our challenges into opportunities.”
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