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HomeLatestObaseki Advocates Fiscal Policies to Address Forex Crisis

Obaseki Advocates Fiscal Policies to Address Forex Crisis

Ismail Abdulazeez Mantu Reporting

Edo State, Nigeria

Edo State Governor, Mr. Godwin Obaseki, has emphasized the urgency for the Federal Government to implement fiscal policies aimed at stimulating local production and enhancing access to credit for manufacturers.

He believes this strategy will effectively tackle the ongoing foreign exchange crisis in Nigeria.

Governor Obaseki made these remarks during a courtesy visit by the National President of the Manufacturers’ Association of Nigeria (MAN), Otunba Francis Meshioye, and other executives to the Government House in Benin City.

Highlighting the critical role of the manufacturing sector in the nation’s economy, Obaseki stressed that Nigeria’s overreliance on imported goods and services has severely strained foreign exchange reserves.

He emphasized the need for a paradigm shift towards prioritizing domestic production and fostering a culture of exportation.

“Nigeria has long been dependent on imports for the past four decades, leading to a detrimental impact on our foreign exchange reserves.

It’s imperative that we prioritize consuming domestically manufactured goods to alleviate this burden,” Governor Obaseki remarked.

The governor underscored Edo State’s commitment to leveraging its abundant raw materials to drive economic growth through manufacturing. He outlined various initiatives aimed at creating an enabling environment for industrial development, including robust environmental policies and support for key sectors such as timber plantation and oil palm cultivation.

“We have implemented stringent environmental regulations to protect our natural resources and encourage sustainable industrial practices. Additionally, our oil palm development program stands as the largest in Africa, reflecting our dedication to fostering agricultural and industrial growth,” Obaseki stated.

Furthermore, Governor Obaseki emphasized the significance of educational reform in preparing the workforce for the demands of a burgeoning manufacturing sector. He expressed optimism about Edo State’s potential to produce top-quality manpower, thereby contributing significantly to Nigeria’s economic development in the coming decades.

In conclusion, Governor Obaseki reiterated the importance of collaborative efforts between the government and the private sector in driving manufacturing-led economic growth. He called for a concerted effort to create an enabling environment for businesses to thrive, emphasizing the role of policy coherence and mutual cooperation in achieving sustainable development objectives.

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