The Director-General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has said that federal government officials must be made to face the consequences for making policies that ruin businesses.
Ajayi-Kadir harped on the need for consequences when policies lead to economic setbacks for industries.
He spoke on Tuesday during a forum themed ‘Nigeria’s Challenging Economy: Strategies For Recovery,’ organised by Channels Television to commemorate Nigeria’s 64th Independence anniversary.
“There must be consequences for government officials who make policies that ruin businesses.
“I mean, you make a policy today, it becomes a disaster for industry and the government simply changes it, and you walk away. We don’t have this luxury in the private sector.
“If you make a mistake, your business is gone, and you could distort your property. So I think we need to see that movement also on the part of the government,” the DG said.
He said the challenges caused by the ongoing rise in interest rates should be alleviated.
The DG also said that borrowing at rates of 30-35 per cent make it nearly impossible for businesses to survive, particularly in an economy where consumer purchasing power has drastically declined.
“We should be able to assuage the challenges we are having with continuously raising interest rates.
“You’ve done it for more than 18 months plus, and you’ve not done any impact assessment on the productive sector.
“I think you need to be able to insulate that sector so that you can inflate the economy,” he said.
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