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In Kwara KWACCIMA urges govt. to seek cheap loans for moribund industries

The Chamber President, Alhaji Ahmed Raji, gave the advice in Ilorin on Monday while talking to journalists on the state of the Nigerian economy.

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(Atlantic Reporter)
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The Kwara State Chambers of Commerce, Industry,  Mines and Agriculture  (KWACCIMA) has called on government at all levels to source for cheap loans from international agencies to revive moribund industries.

The Chamber President, Alhaji Ahmed Raji, gave the advice in Ilorin on Monday while talking to journalists on the state of the Nigerian economy.

”To fix the economy, government must continue to seek for alternative sources of foreign exchange."

“It can even seek for cheap loans with two to three per cent interest rate from the World Bank and other international agencies like the Japan International Corporation Agency (JICA) to revive moribund industries,” he said.

Raji said this will be through special interventions that would make the industry fully bankable in all transactions.

He said that tax holiday must be considered for at least two years, while other initiatives that are growth enhancing should be embraced by the government.

The KWACCIMA boss said that slight changes in crude oil output and price would reflect on the economy because crude oil remained the major source of income for the country.

”What has happened is the increase in output and prices that have steadied at 50 dollars per litre and production of between N2 million and N2.1 million barrels per day since December last year."

“This has helped to improve the supply of dollars earned from the sale as well as our reserve."

”So long as oil output is maintained and the price continues to improve, the supply of foreign exchange is sustainable."

”With efforts by the current administration, the dollar is depreciating while the economy is gradually stabilising now,” Raji said.

He urged all Nigerians to cooperate with the government at all levels in ensuring that the country experienced growth and development.

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