By Raphael Ekpang
Senator Francis Fadahunsi has attributed the free fall of the Naira to the border closure by the federal government while advising that the borders be opened to ease business operations within the country.
He made the call on Wednesday in Abuja during the inaugural meeting of the Senate Committee on Industry at the National Assembly. Fadahunsi who is the Committee Chairman, posited that without the federal government opening the borders for smooth business operations, goods and services would not circulate adequately in the country.
He also pointed out that without adequate circulation of goods and services, revenue earnings would be stagnated; a situation he explained was responsible for the free fall of naira.
“The Naira is on a free fall against major global currencies because of the closure of our border. If our borders are not opened,how would goods and services be exchanged? If Nigeria,a big market is not dealing with exchange of goods and services how would she earn funds,” he queried.
Senator Fadahunsi, who appealed to the federal government to ease the process of doing business in Nigeria, said that such a measure would attract foreign direct investments, with its attendant job creation for the teeming Nigerian youths.
While addressing his colleagues, Fadahunsi said, “Permit me to quickly remind us, distinguished colleagues, that the task ahead of this Committee, as it concerns its specific mandates is enormous. Truth be told, our actions and inactions will contribute significantly to the success or otherwise of this 10th Senate and the nation’s economy at large, which frankly speaking, is presently not where it ought to be.
“Resuscitating Nigeria’s ailing industries and providing the conducive legislative
environment that will promote greater Foreign Direct Investments (FDIs), ease
the doing of business by all investors, especially the majority Micro, Small and
Medium Enterprises (MSMEs) as well as attaining increased efficiency in
revenue generation and budgetary expenditure by Government Agencies
under the Oversight of this Committee, has become imperative,” he said
Also, in his own remarks, the Vice Chairman of the Committe, Senator Binos Dauda Yaroe of Adamawa South, stated that the Committee would do everything possible to provide the necessary legal backings to companies engaged in production and manufacturing of goods.
“Our mandate is clear. To oversight parastatals and agencies within the line of the ministry of the Trade and Investment. And that we will do excellently, with a view to providing the expected legal backings and framework.
“No country which doesn’t produce survives. We can’t continue to import everything we use in this country. So,we will do our best to mitigate the sufferings of companies”,he said.
In attendance were Senators Benson Agadaga of Bayelsa East and former Rivers Deputy Governor, Ipalibo Gogo Banigo; both of whom encouraged the federal government to come up with a roadmap capable of turning the dwindling fortunes of companies in the industrial sectors.
