Chairman of Dangote Group, Aliko Dangote told President Muhammadu Buhari some home truth on how to move Nigeria economy forward recently… “The articulation of clear sector specific policies along with incentive packages that are commensurate with the risk inherent in each sector. Closely allied to this is the issue of consistent implementation of industrial policies. Policy inconsistency destabilises industrial production plans and erodes investor confidence.  For instance, the suspension of the Negotiable Duty Credit Certificate (NDCC) to exporters and non-payment of existing claims has discouraged non-oil exports and frustrated contracts entered into with overseas buyers.”

“More support for small and medium scale manufacturers, since many Nigerian manufacturers are relatively small with limited capital to support their investments. Government has to develop industrial clusters with requisite infrastructure for this category of businesses. They should also have access to soft loans and research & development support. Boosting non-oil exports to bring in much needed foreign exchange, by ratifying and implementing the road-map recently developed the Nigerian Export Promotion Council.”

“Harmonizing the role of various Government regulatory agencies so as to eliminate conflict of roles amongst them.  For instance, the roles of NAFDAC and SON should be properly aligned. Developing the infrastructure base of the economy by actively involving the private sector through Public-Private Partnerships (PPP), where viable.  Particular attention should be given to transport infrastructure. Improving energy supply since no country can industrialize without sufficient and reliable energy to power her factories.”

“Ensuring adequate patronage by Government and her agencies of “Made-in-Nigeria products” so as to galvanize investment in the manufacturing sector. Clarification by the CBN on how it intends to monitor and supervise banks to ensure that their recent directive on the allocation of 60 per cent of their transacted forex to manufacturers is complied with. The development of appropriate curricula for technical education and skills acquisition. Reduce or eliminate the incidences of smuggling, adulteration and counterfeiting activities in the country.  Stronger penalties should be meted out to those found culpable of these offences.”

“Domicile the price of natural gas in Naira, in line with the agreement signed with manufacturers so as to avoid unnecessary conflicts. Also the benchmarking of the price of gas to the international oil price should be discontinued. The Gas Master Plan should be implemented to ensure adequate allocation of gas for the domestic market. Encourage the establishment of more Development Banks to cater for the credit needs of the industrial sector and reduce interest rate to single digit levels.”