In a bid to thoroughly eradicate the unemployment challenge facing the country, President Muhammadu Buhari has declared that his government is set to reverse some economic policies he inherited from past administrations, indicating that his administration may have gotten set to give the nation an economic direction.
Since President Buhari took over government in May, no single economic policy has been announced. He has also been unable to name his economic team, a development that has cost the nation’s capital market huge losses.
The president made the statement at a meeting in the Presidential Villa on Monday with Executive Members of the Manufacturers Association of Nigeria (MAN).
Buhari directed the Ministries of Industries, Trade and Investment, and Finance, as well as the Central Bank and other relevant government agencies to evolve before next year’s budget, new policies to boost domestic manufacturing.
Buhari said, “We are in difficult times economically, but we’ll continue to do our best for manufacturing to pick up. We must begin to behave as if we have no oil at all.
“We will gladly have policy somersaults, if it will mean more jobs, particularly for youths. I campaigned on three major planks. To effectively secure our country, provide employment through revamping the economy, and wage a relentless war against corruption. I intend to keep faith with these promises.”
A statement issued by the President’s spokesman, Femi Adesina, explained that President Buhari was displeased that only 30, 000 people out of the 320, 000 people employed by the textile industry in the past are paraded now.
Buhari said, “It shows the carelessness of past governments, if almost 300,000 people lose jobs in a single sector. We have a clear idea of how we can stimulate employment and we will work very hard to do so.”
Earlier, the MAN President, Dr Frank Udemba Jacobs had appealed for a review of policies that stifle the manufacturing sector, noting that the importance of a robust manufacturing sector for the general well-being of the economy cannot be over-emphasised.