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Buhari orders review of economic policies before 2016 budget

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President Muhammadu Buhari has directed a review of some economic policies ‎that hamper job creation.

He gave the directive, when the Executive Members of the Manufacturers Association of Nigeria (MAN), led by its president, Dr. Frank Udemba Jacobs, visited him ‎at the Presidential Villa.

He told his audience that he would gladly reverse or abandon some inherited economic policies, if doing so will lead to the creation of more jobs for Nigerians.

President  Buhari directed the Ministries of Industries, Trade and Investment, as well as Finance; the Central Bank of Nigeria and other relevant government agencies to evolve before next year’s budget, new policies to boost domestic manufacturing.

The Special Adviser on Media and Publicity, Femi Adesina, quoted the President as saying: “We are in difficult times economically, but we’ll continue to do our best for manufacturing to pick up. We must begin to behave as if we have no oil at all.

“We will gladly have policy somersaults, if it will mean more jobs, particularly  for youths. I campaigned on three major planks- to effectively secure our country, provide employment through revamping the economy, and wage a relentless war against corruption. I intend to keep faith with these promises.”

He noted that the textile industry that employed about 320,000 people in the past, only parades about 30,000 now, adding: “It shows the carelessness of past governments, if almost 300,000 people lose jobs in a single sector. We have a clear idea of how we can stimulate employment and we will work very hard to do so.”

Earlier, Jacobs  appealed for a review of policies that  stifle the manufacturing sector, noting that the importance of a robust manufacturing sector for the general  well-being of the economy cannot be over-emphasised.

 

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