The National Assembly (NASS) and the Nigerian Stock Exchange (NSE) have announced a collaborative effort as part of plans to foster economic development, job creation, and sustainable industrialization in Nigeria.
This initiative aims to accelerate the growth of the country’s manufacturing sector by creating an enabling business environment, improving access to finance, and boosting the manufacturing industry.
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Synergistic Partnership for Legislative Support and Capital Raising
In this partnership, the NASS is committed to enacting laws that will strengthen the manufacturing sector. Concurrently, the NSE will provide a platform for manufacturers to raise capital and enhance their visibility in the market. President of the Senate, Senator Godswill Akpabio, emphasised the significance of this collaboration, calling for streamlined democratic processes, reduced bureaucratic obstacles, and incentives for local production and entrepreneurship.
The Senate President said: “The move by the National Assembly is a step in the right direction, and we need to ensure that the legislative processes are not impediments but facilitators for our manufacturers.”
Toward a Trillion-Dollar Economy: Charting Nigeria’s Prosperous Future
At the 2023 National Engineering Conference, President Bola Tinubu projected a transformative vision for Nigeria, envisioning the country evolving into a trillion-dollar economy over the next decade. Tinubu emphasised the critical elements encapsulated in the conference’s theme, “Manufacturing, Competitiveness, and Economic Growth,” underscoring the seriousness of charting a sustainable course for Nigeria’s prosperity.
Speaker of the House of Representatives, Hon Abbas Tajudeen, encouraged Nigerian engineers to align with the Federal Government’s National Integrated Infrastructure Master Plan. This plan involves a 2.3 trillion investment over the next 23 years to address Nigeria’s infrastructure deficit. The collaboration between the NASS and the NSE is poised to address challenges such as infrastructure deficits, high production costs, and regulatory hurdles that have traditionally impeded the growth of manufacturing businesses in the country.
Hon Tajudeen, “This collaboration will play a crucial role in fostering economic growth, creating jobs, and positioning Nigeria as a competitive force in the global manufacturing landscape.”
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Diversification for Economic Resilience and Balanced Growth
The collaboration between NASS and NSE is a pivotal component of a broader agenda aimed at diversifying the Nigerian economy. The goal is to reduce dependence on oil revenues and increase the manufacturing sector’s contribution to the national GDP. This strategic initiative signals a promising step towards cultivating a more balanced and resilient Nigerian economy, laying the foundation for sustained growth and prosperity.