Tinubu urged to convene economic summit to formulate better policies

The Organized Private Sector (OPS) on Tuesday urged President Bola Tinubu to convene a meeting with business experts and come up with policies that would drive Micro, Small and Medium Enterprises (MSMEs) and revive the economy.

The private sector’s call came on the backdrop of citizens’ adjustments to the fuel subsidy removal and the proposed payment of 7.5 per cent Value Added Tax (VAT) on Automotive Gas Oil (AGO), popularly called diesel.

In separate interviews with BusinessDay in Benin City, Manufacturers Association of Nigeria (MAN) and the Benin Chamber of Commerce, Industry, Mines and Agriculture (BENCCIMA) commended the new administration for the difference economic policies, but, however, said it would be better if the authorities consider the views of those always bearing the brunt before resolving on a particular issue.

Okwara Udensi, chairman, MAN, Edo/Delta branch, opined that the medium scale industries are the economic sustenance of any economy in the world, hence the government should identify policies that would favour them.

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“Does the government value the medium scale industries? Do they know our challenges? Do they know these policies they are rolling out and how it will affect the medium scale manufacturers?” Udensi queried.

“I do not know how they want to manage this economy because everyone is confused. They need to sit down, have an economic summit with experts irrespective political affiliation and let people proffer solutions on the present economic situation of Nigeria. Thereafter, they can go back home and do an executive summary of what has been discussed and see the way to go. All these haphazard decisions is affecting us.

“With the proposed tax on diesel imports, businesses will go down the more. Everybody has been screaming with the present situation; imagine when the cost of diesel skyrocket than this current price. The last time I bought was N680, and it went down with N100. Now, they want to put this again, that means we will go back paying an increased amount,” he added.

John Yusuf, Director General, Benin Chamber of Commerce, Industry, Mines and Agriculture (BENCCIMA), on his part, said “MSMEs are suffering, not because we do not have the resources but the right policies are not made to influence businesses. It is good for the president to involve the private sector.

“So, when the government is taking any decision, it should involve members of the private sector and they will be able to give practical solutions to those issues so that when the government is formulating policies, it will not attract much criticism.

“There is nothing the president does no matter how good it is that people will not criticize. But I believe that when you are taking some decisions, there are people that are on the field. Despite being surrounded by experts who may give theoretical opinion, if you are taking any decision that has to do with business, there are people who wear the shoes and know where the shoes pinches them,” Yusuf said.