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Nigerians traumatised by adverse economy – Ambode

By on May 31, 2016

Lagos State Governor, Mr. Akniwunmi Ambode, has said that Nigerians are being traumatised by the adverse economic situation in the country.

Ambode made this observation in an address at the 2016 edition of the African Product Forum and Awards, which held in Lagos on Saturday.

The governor, who was represented by the Permanent Secretary, Ministry of Information and Strategy, Mr. Folarin Adeyemi, blamed the current economic challenges on volatile crude oil price around the globe.

He said, “For our country Nigeria, the harsh economic realities of the volatile crude oil price in the international market have actually negated our economic projection and traumatised our people through job losses and looming poverty.

“Despite its natural endowment, Africa has misplaced its priorities through heavy dependence on foreign products, resulting in depletion of our country’s foreign reserves and leading to high unemployment and poverty.”

Ambode commended the Institute for Government Research Leadership Technology for organising the African Product Forum and Awards, noting that the event had brought stakeholders and investors together for the purpose of promoting indigenous products that could be traded in the global market.

He added, “The time for us to embrace backward integration through promotion of local products and agricultural enterprise that can be sourced locally is now.

“Our country has become a dumping ground for all types of products from foreign markets to the detriment of our home-made products.”

He also observed that the manufacturing and industrial sectors of the economy, which accounted for thousands of job opportunities and contributed significantly to the Gross National Product of the country had become comatose.

Stressing the need for the development of the local industry, the governor said, “One of the key strategies towards growing and strengthening our economy is to encourage patronage of local products, which also presupposes that government should take pragmatic steps towards creating a conducive environment for business growth.

“In particular, Lagos State has demonstrated a will through strategic actions to ease the process of doing business. This actually led to the creation of the Office of the Overseas Affairs and Investment otherwise called Lagos Global.

“These efforts, which also include commitment to the security of lives and property as well as infrastructural renewal, have started yielding desired dividends in the form of a steady inflow of foreign and direct investment into Lagos.

 

[Punch]