The President of the Abuja Chamber of Commerce and Industry (ACCI), Dr. Emeka Obegolu, has urged the Nigerian government to prioritise the development of the industrial sector in implementing the 2025 budget to drive economic prosperity and sustainable growth.
Dr Obegolu, during a media briefing in Abuja, said the Idu Yard Industrial Hub of the Federal Capital Territory serves as a case study of the opportunities and obstacles in the country’s industrial sector.
According to him, “As we celebrate our achievements, it is imperative to confront the pressing challenges that hinder the full realisation of our industrial potential.
“Poor infrastructure, unreliable electricity supply, and inadequate security have forced many businesses to close their operations; the state of the roads leading to and within the industrial layout is deplorable, making transportation costly and inefficient.”
While Dr Obegolu commended the present administration on recent interventions such as the completion of a functional train station and the installation of streetlights, he stated that more interventions need to be done.
“The recent passage of the Federal Capital Territory Administration (FCTA) 2024 Supplementary Appropriation Bill of N288 billion by the Senate offers a unique opportunity to address these challenges.
“We recommend the following actions: immediate repair and expansion of the primary and connecting roads to the Idu Yard Industrial Hub to improve logistics and reduce operational costs for businesses, deployment of alternative energy sources to ensure uninterrupted electricity, which is crucial for industry and strengthening security measures within and around industrial hubs to restore investor confidence.”
Other recommendations by the ACCI President include reforms to simplify taxation for businesses, thereby reducing their financial burdens, and initiatives to attract and train young people in industrial skills, creating a workforce that can sustain and grow these sectors.
“Together with the media, government, and private sector stakeholders, we can transform the industrial sector and other neglected zones into vibrant economic activity centres.
“As we close the chapter on 2024 and look forward to 2025, ACCI remains committed to advocating for policies that enhance the ease of doing business and create a thriving industrial ecosystem in the FCT and beyond,” Dr Obegolu added.
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