Buhari seeks public-private sector synergy for growth
PRESIDENT MUHAM MADU Buhari last Friday called for deeper collaboration between the public and private sectors toward achieving more vibrant economic growth.
At the opening of the 37th Lagos International Trade Fair organised by the Lagos Chamber of Commerce and Industry (LCCI), the president said vibrant engagement and collaboration between the two sectors were vital to improving the business environment.
Feedbacks and dialogues with the private sector will guide the government’s policies, programmes and reforms, Buhari conceded.
Represented by Yemi Osinbajo the vice-president, the adminis-
tration had embarked on various reforms to create enabling environment and to address the challenges that stifled the growth of micro, small and medium enterprises in the country.
About N2.7 trillion in two budget cycles has been spent on capital and infrastructure development across the country, in spite of earning 60 percent less in the past five years, he lamented.
The fund, he noted, was spent on roads, rails, power and other similar projects which cut across different regions of the country toward making the business climate easier and improve the welfare of the citizens. Also, N15.2 billion interest-free loan ranging from N50, 000 to N350, 000 has been disbursed to over 400, 000 market traders and artisans across the 36 states of the federation.
“We have been able to open bank accounts for about 349, 000 traders under Government Enterprise and Empowerment Programme (GEEP) for the tradermoni scheme. We have been able to bring in petty traders from the informal sector to the formal economy so that we can access them with financial literacy and even insurance,” the president said through vice president Osinbajo.
Buhari said 56 percent of the loans were disbursed to women to expand their opportunities in business.
On his path, Babatunde Ruwase, president, Lagos Chamber of Commerce and Industry (LCCI), said the chamber was committed to the vision of the current administration in respect of economic diversification and self-reliance.
He said that the economic and investment policies must be right and investment friendly to attract more private capital into the economy.
Corroborating him, Alaba Lawson, the national president, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), urged the government to expedite actions on infrastructure across the country to improve economic activities.
Earlier, Akinwunmi Ambode, governor, Lagos State, said the state would continue to partner with the private sector to create an enabling environment for businesses to thrive.
Ambode, represented by Olayinka Oladunjoye, the state commis-