Economic Confidential, November, 2009

NATIONAL

Global Economic Crisis an Opportunity to Reposition Nigeria- Minister

The Federal Government has said that the global economic crisis facing the world economy is an opportunity to reposition Nigeria’s economy to meet the challenges and take advantage of the opportunities to address problem at home and internationally.

The Minister of Commerce and Industry, Chief Achike Udenwa said this at the opening ceremony of the 23rd Lagos International Trade Fair. He assured the Organized Private Sector and Nigerians that the entire identified impediment to the nation’s progress, such as critical infrastructure challenges, policy instability and corruption are being tackled head on to stave off their ruinous repercussions on the economy.

Chief Udenwa pointed out  that Nigeria was blessed with both human and natural resources and stressed the need to do a careful plan and partner with private sector for efficient and effective utilization of resources and urged the Organized Private Sector to get involved in checking faking dumping and smuggling.

He pointed out that the present global economic meltdown should be seen as an opportunity to diversify the productive base of the economy as he said the government is giving priority attention to the real sector of the economy such as Agriculture Industry, solid Minerals and Tourism sectors as well as infrastructural support facilities like motorable roads adequate water and power supply.

He stated that with the support of the Organized Private Sector the actualization of the 7-point Agenda and the Vision of becoming one of the 20 largest economies in the world by the year 2020 was assured.

The Minister added that the current efforts of Government to execute banking reforms are part of initiatives aimed at strengthening the financial sector and restoring investor’s confidence.

Udenwa reiterated that the flagged-off Campaign to patronize Made in Nigeria Products was a strategic initiative aimed at boosting industrial production and reviving our vital industrial sector adding that the International Trade Fair which will showcase new products from our industries and create avenues for scientists, innovators, industrialists wholesalers, retailers and consumers to meet and interact will further boost the Campaign.

He commended the entire membership of Lagos Chamber of Commerce for remaining true to the high standards and productive commitment and their desire to partner with the Federal Government in the quest for economic regeneration and national transformation.

He stressed that the administration is unequivocally committed to engendering the enabling environment and requisite fiscal policies to drive sustained growth and development in the country.

In his address read by Ag Director of Trade in the Ministry, Mr. David Adejunwon, said government is poised towards putting a stop to the menace posed by counterfeiting and piracy to the people and the Nigeria economy.