The Abuja Chamber of Commerce and Industry (ACCI) has urged the Federal Government to implement policies that will drive industrialisation and foster the country’s economic growth.

ACCI president Emeka Obegolu said this at a roundtable on Strengthening the Naira, which the National Policy Advocacy Centre of the chamber organised on Wednesday in Abuja.

Mr Obegolu said, “The Abuja Chamber, as representatives of the business community, has taken the task to advocate for policies that facilitate industrialisation and economic development. I urge the government to prioritise the revitalisation of the power sector, recognising its pivotal role in driving industrial growth.

“The speedy implementation of the Electricity Act of 2023 is paramount, and I call upon sub-national governments to emulate the success of projects. Such projects include the Geometric Power Plant in Abia state, which has the potential to bridge the electricity deficit plaguing our nation.”

Mr Obegolu expressed confidence that with determination and collective effort, similar projects would soon take root in Abuja to bolster our energy infrastructure further.

He said, “We are here to brainstorm innovative strategies for strengthening the naira, assessing progress, identifying challenges, and formulating practical solutions. We assure you that the recommendations emanating from this roundtable will be diligently conveyed to the appropriate authorities for implementation.

“Together, let us chart a course towards a stronger, more prosperous economic future for Nigeria.”

Mr Obegolu said the roundtable was timely as the naira showed promising signs of resilience against foreign currencies.

He said the naira earned accolades as the best-performing currency globally for March, as recognised by the esteemed Goldman Sachs Group.

While acknowledging the realities confronting the country, he underscored the urgent need for government intervention to curb the trend.

Mr Obegolu urged the Federal Government to focus on critical sectors such as security, power, and infrastructure.

He said, “Fiscal policies must align seamlessly with the monetary strategies of the Central Bank of Nigeria to achieve sustainable economic growth.”

Also speaking, Aliyu Hong, ACCI’s second deputy president, said no enterprise could survive with fluctuations in foreign exchange, thus the importance of the roundtable.

Mr Hong said the fact that Nigeria was not a producing country posed a major challenge. He, however, urged the federal government to ensure efforts geared towards boosting production and stabilising the naira to foster national growth.

(NAN)