..Govt should place more emphasis on production instead of consumption – Hon. Chris Azubogu
BY OBUTE JAMES
The House of Representatives on have urged the Federal Government of Nigeria to ‘Sustain the Central Bank of Nigeria (CBN) 100 for 100 Policy on Production and Productivity’
The House Resolution on Thursday 17th February, 2022 was sequel to a motion by Hon. Chris Emaka Azubogu, representive of Nnewi North/Nnewi South Federal Constituency of Anambra State.
Hon. Azubogu said PPP policy which is geared towards the funding of manufacturing companies that meet the specified requirements as stipulated on the policy, is designed to help reverse the nation’s over-reliance on importation by creating an ecosystem that targets and supports the right projects with the potential to transform and catalyze the productive base of the economy.
He also told THE LEGISLATURE in an interview that government at all level should place more effort and emphasis on production rather than consumption with the view of improving the economy.
“This policy is unique. As lawmakers we need to see how this policy becomes sustainable. I want government intervention to be solely on production not consumption,so that there will be creation of jobs, increase in the exportation of goods as this will improve the economy.” he said in an interview.
Read his motion below as presented on the floor of the House of Representatives during the plenary session of Thursday 17th February, 2022
The House: Notes that on Monday, January 3, 2022, the Central Bank of Nigeria (CBN) commenced implementation and subsequent disbursement of a total sum of N23.20 billion to 28 Companies whose projects were selected for funding in the maiden batch of its newly introduced 100 for 100 Policy on Production and Productivity (PPP) initiative;
Also notes that the policy which is geared towards the funding of manufacturing companies that meet the specified requirements as stipulated on the policy, is designed to help reverse the nation’s over-reliance on importation by creating an ecosystem that targets and supports the right projects with the potential to transform and catalyze the productive base of the economy;
Aware that the policy will support the Economic Development Agenda of the House of Representatives and ensure an increase in economic activities by increasing production of goods and services as well as creating employment for the teeming population; Also aware that the first cycle of the PPP witnessed 243 applications valued at N321.06 billion and spread over key sectors including agriculture, energy, healthcare, manufacturing, and services sectors, and the maiden disbursement, which was valued at N23.20 billion, comprised 14 in the manufacturing sector, 12 in the agricultural sector, and in the healthcare sector; Cognizant that the policy will improve the capacity of Nigeria to produce goods for its population and Sub Saharan Africa market especially as well as protect the country from being a dumping ground for substandard products; Also cognizant that the programme, if well implemented, will contribute immensely to Industrialization, increase capacity to create employment for the teeming youth and improve revenues through exports and reduced importation of goods, thereby improving the economy of the country; Resolves to: (i) (ii) Commend the Federal Government for the 100 for 100 Policy on Production and Productivity (PPP) initiative; mandate the Committees on Banking and Industry to study the policy and make recommendations towards improving and sustaining the programme for the benefit of Nigeria as a whole.