Financial experts have voiced their support for the Federal Government’s ambitious plan to create additional industrial clusters, a move anticipated to fortify the country’s economic standing. In interviews with the News Agency of Nigeria (NAN), experts applauded the government’s proposal, citing its potential to bring significant economic benefits and foster growth.
Nerus Ekezie, a former Director of the National Association of Small and Medium Enterprise (NASME), commended the government’s initiative, noting its capacity to enhance the economic scale. Drawing parallels with past successes like the establishment of industrial clusters in Lagos, Ekezie emphasized the positive impact such initiatives can have on local businesses.
“This approach of creating more industrial clusters is a developmental means of enhancing local businesses. In the past, the government was able to establish industrial clusters such as the Ikeja GRA, Ijaniki, and other parts of the country,” said Ekezie.
Collaboration between the government and key stakeholders, including the Manufacturers Association of Nigeria (MAN) and the Nigeria Association of Chamber of Commerce Industry Mines and Agriculture (NACCIMA), was underscored by Ekezie as crucial for the success of the clusters. He highlighted the benefits, including increased interaction among entrepreneurs, shared public utilities, and reduced production costs through collective resource use.
“It avails entrepreneurs the opportunity to interact more and jointly use common public utilities, reducing the cost of production in the process. Operating from a cluster creates an avenue for stakeholders to dialogue and address challenges impeding their businesses,” added Ekezie.
Sunny Nwosu, Founder of the Independent Shareholders Association of Nigeria (ISAN), echoed the positive sentiments, deeming the government’s commitment to creating additional industrial clusters as a promising initiative that could stimulate growth.
“The government’s proposal is a good initiative because it will improve the current business climate in the country. More private capital will be encouraged to invest, thereby boosting the nation’s Gross Domestic Product (GDP),” Nwosu stated.
Nwosu emphasized that the plan would facilitate the growth and development of the country, enabling the government to generate more revenues from taxes and enhance fiscal positions. The government’s decision aligns with its pledge to establish and revive industrial clusters, accelerating the growth of Small and Medium Enterprises (SMEs) and industries across the nation, as disclosed by Doris Uzoka-Anite, Minister of Industry, Trade, and Investment, in January during an interaction in Kano State.
Credit: News Agency of Nigeria (NAN)
