Buhari President orders review of economic policies before 2016 budget

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

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President Muhammadu Buhari play

President Muhammadu Buhari

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President Muhammadu Buhari says his administration will gladly reverse or abandon some inherited economic policies, if doing so will lead to the creation of more jobs for Nigerians.

The president stated this at a meeting with executive members of the Manufacturers Association of Nigeria (MAN), in the Presidential Villa, Abuja on Monday, August 17.

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

"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 said.

He lamented that the textile industry that employed about 320,000 people in the past but only paraded about 30,000 now.

"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," Buhari told the MAN delegation.

The MAN President, Dr Frank Jacobs had appealed for a review of policies that stifle the manufacturing sector.

He noted that the importance of a robust manufacturing sector for the general wellbeing of the economy could not be over-emphasised.

The News Agency of Nigeria (NAN) reports that the president was also briefed on the activities of the Federal Ministry of Women Affairs by top management staff of the ministry.

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