Friday, October 22, 2021

    NIPC says absence of strong enterprises hinders Nigeria’s industrial development

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    Babatunde Akinsola
    Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

    95402c69b7bec56fbdf0f6bb9f7b4de9The Nigerian Investment Promotion Commission (NIPC) on Wednesday said the absence of strong and virile enterprises had hindered the development of Nigeria’s industrial sector.

    The Acting Executive Secretary of NIPC, Alhaji Abulkakir Hassan, said this at the inauguration of the Abuja Chapter of Entrepreneurs’ Organisation (EO Nigeria) in Abuja.

    Hassan said that enterprises had been widely acknowledged as the springboard for sustainable industrial and economic development.

    The acting executive secretary was represented by the Director of Infrastructure in the commission, Alhaji Sulaiman Takuma.

    According to Hassan, the numerous goods being produced by enterprises provided veritable means of large-scale employment as they were usually labour intensive.

    He said that enterprises also provided training ground for skills acquisition which was critical to industrial development as they rely on the use of raw materials.

    Hassan said that these contributions explained why governments and international agencies mobilised efforts toward the realisation of sustainable industrial and the creation of mass employment through rapid growth and development of enterprises.

    He stressed the need for the development of indigenous entrepreneurship which would lead to acquisition of requisite skills and relevant technical training and development of modern enterprises.

    The executive secretary said that for enterprises to meaningfully contribute to economic growth, development and transformation of the country, government policy focus must seek to address unstable macro-economic environment.

    According to him, the absence of prudent fiscal management should also be addressed.

    Earlier, the President of EO Nigeria, Mr Abdlrazq Shittu, said that EO was a U.S.-based global, nonprofit organisation, created by entrepreneurs for entrepreneurs only.

    Shittu stated that membership in one of EO’s 140 chapters was strictly by invitation, noting that the inauguration of the Abuja chapter “brings the current EO chapters globally to 141’’.

    He noted that the birth of EO in Abuja and Lagos, would afford Nigerian businessmen the opportunity to join the global family of entrepreneurs to interact with other EO members globally.

    The president said that EO afforded members unlimited access to learning, mentoring and business network to engender further development of individual businesses.

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