The Manufacturers Association of Nigeria (MAN) has stated that government officials who create policies that harm businesses should face penalties.
Speaking at an event on Tuesday titled ‘Nigeria’s Challenging Economy: Strategies for Recovery,’ the Director-General of MAN, Segun Ajayi-Kadir, stressed the importance of holding individuals accountable when policies result in economic setbacks for industries.
He highlighted that the difficulties stemming from the current rise in interest rates need to be addressed.
According to him, borrowing at rates of 30-35 percent makes it nearly impossible for businesses to survive, especially in an economy where consumer purchasing power has significantly decreased.
Ajayi-Kadir said: “There must be consequences for government officials who make policies that ruin businesses.
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“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 distrain your property. So I think we need to see that movement also on the part of the government.
“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.”
Daily Trust
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