ABUCCI urges consistency on implementation of CBN decision on forex access

Tony Ejikonyem, the President of Abuja Chamber of Commerce and Industry Ltd. (ABUCCI), on Thursday called for consistency in Federal Government implementation policy with regards to CBN ban on foreign exchange sales on certain products.

Ejikonyem, who was commenting on CBN’s recent restriction on access to foreign exchange on some imported products in Nigeria, said that it was important to ensure a long term implementation of the policy.

According to him, the policy will help in the long term development of businesses involved in the production of local products.

Ejikonyem said that consistency in policy implementation would encourage local manufacturers to invest in the procurement of state-of-the-art equipments needed for the production of local products.

“Our take in the chamber is that we are seen to be supportive of any positive government initiative,” he said. “For any government decision, it should be well informed and be consistent with other policies of government.

“A situation where CBN comes out with a policy only to make a U-turn six months after and make another change will not be acceptable.”

He said that Nigerian business men and women were gifted with the ability and capacity to easily adapt to changing trend.

He advised the apex bank to adopt measures that would ensure its policy sustainability in its quest at encouraging local industries in the production of local products.

“Government’s intention is to promote local products, what that is going to do to the Abakaliki rice farmer is that he can now spend more money to buy tractors and threshing machines,” he said. “But not after this man might have gone to borrow money from the bank to purchase needed equipments only for the same government to open the gate for importation of same goods and products.’’

On the 2015 Abuja International Trade fair, Ejikonyem said that preparations were on top gear to ensure the success of the fair.

He said that the 2015 fair would mark the 10th year anniversary of the fair since inception.

“The 10th Abuja Trade fair is going to be unique in the sense that we are celebrating a decade of having been granted a status of international trade fair. It is going to be a celebration that will be different from the past nine editions,” he said.

Ejikonyem said that many countries had signified interest to participate in the fair, citing the improved security situation in the FCT as the reason.

“There will be an increase in the number of exhibitors that will come and there are so many more international countries that will make their presence felt at the fair.

“Last edition, we had a lot of foreign exhibitors in spite of the security challenges and the Ebola crisis last year. “There was a good turnout, the security situation has improved and there is no Ebola virus any more. The response we have gotten from our regular and new international exhibitors is quite encouraging,” he said.

The 2015 Abuja International Trade Fair is scheduled to hold between Sept.18 and Oct. 2.

(NAN)