Segun Ajayi-Kadir, director-general (DG) of the Manufacturers Association of Nigeria (MAN), says government officials must face consequences for making policies that ruin businesses.
Ajayi-Kadir spoke on Tuesday during a forum themed ‘Nigeria’s Challenging Economy: Strategies For Recovery,’ organised by Channels Television to commemorate Nigeria’s 64th Independence anniversary.
He emphasised the need for consequences when policies lead to economic setbacks for industries.
“There must be consequence for government officials who make policies that ruin businesses,” Ajayi-Kadir said.
“I mean, you make a policy today, it becomes a disaster for industry and 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 government.”
He said the challenges caused by the ongoing rise in interest rates should be alleviated.
The DG said borrowing at rates of 30-35 percent makes it nearly impossible for businesses to survive, particularly in an economy where consumer purchasing power has drastically declined.
“We should be able to assuage the challenges we are having with continuously raising interest rates,” he said.
“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.”
