By Ekunkonye Junior, Abuja
The President of the United Furniture Association of Nigeria (UFAN), Dr. Prince Emeka Egwuekwe, who doubles as the Prince Interior Furnishing and Furniture Company Limited, Abuja has commended the government’s promises in supporting local industries while urging further action to stimulate growth.
In a Democracy Day message, Egwuekwe emphasized the need for policies that encourage local manufacturing, reduce dependence on imports, and promote exports.
The furnishing and furniture giant addressed journalists on Thursday in his office in the nation’s capital.
While urging them to stop the importation of goods that can be produced locally to protect domestic industries he therefore encouraged the exportation of locally manufactured goods to improve the country’s trade balance, just as he charged the government to live by example, by ensuring that Ministries, Departments, and Agencies (MDAs) prioritize locally manufactured products.
Speaking of specialized financing, he called for the establishment of a dedicated bank for manufacturers offering nothing or low-interest loans to support industry growth.
Egwuekwe decried what they have been passing through as a result of poor electricity supplies at unaffordable tariff rate, he called for consistent electricity supply to support industrial activities, adding that they spend a lot in gas, whose price they transfer to the prices of goods manufactured.
Dr. Prince Emeka Egwuekwe’s message highlights the potential for local manufacturing to drive economic growth.
By implementing these policies, the government can create a more favorable business environment, reduce unemployment, and increase the country’s global competitiveness.
