PERCY OLEKA
Humphrey Ngonadi, CEO of Ngo Bros is the President of South East Chambers of Commerce Industry Mines and Agriculture (SECCIMA )and South South Chambers of Commerce Industry Mines and Agriculture (SSCCIMA). In this interview with our correspondent, AMAECHI PERCY ONYEJEKWE, the industrialist spoke on Federal Government policies, the Tax Reform Bill, the exodus of industries in the country, workers’ salaries among other issues, saying that government policy should reflect the interest of the grassroots. Excerpts
It is said that the policies of the Federal Government is allegedly in favour of the rich and people in power. What have you to say?
The business of governance and leadership: is enormous and arduous. So, such policies require wide consultations and input of stakeholders because they affect the people when made. The policies of the government are reflections of what it thinks is the best approach to issues and challenges in the country. But they must reflect the desires and aspirations of Nigerians.
Some of those policies are sometimes allegedly done not taking the interest of the poor alone. Government policies must be done to reflect the interests of the lower class people. The number of people in power is small compared to the number of grassroots who do the bulk of voting during elections. They must consider the number of people dying from hunger. Take, for instance, the sudden removal of oil subsidies and the closure of borders. These policies of the government have allegedly caused suffering in the land. The negative effect of the policy is highly felt at the grassroots level. The people in corridors of power can afford the price of any commodities. The poor today continue to lament amidst the ever-increasing price of food items. The price of naira to the US Dollar has jumped to one thousand and seven hundred naira from six hundred naira. The price of commodities has continued to increase beyond the financial capacity of Nigerians and in the process threatening the existential rights of individuals. The price of diesel has continued to rise making it impossible for the medium and small-scale industries to survive. Many industries have to wait for the epileptic power supply from power distribution companies. Others wait until the restoration of power from the National Grid.
The removal of subsidy on electricity is said to be under consideration as it would increase government revenue. What is your view on that?
I think that would mean plunging the common man into more suffering because more than forty percent of the existing industries would shut down. It is worth knowing that industries help to stabilize the economy of the country. Many industries had reportedly left Nigeria to other African countries when the fuel subsidy was removed because it was no longer comfortable for them to do business in the country. There are other avenues of revenue available to the government Government should explore those avenues.
What other avenues of revenue do you think the government could explore?
There is allegedly wide and wild outcry over the allowances received by senators. The huge amount of money can be used to fund other aspects of the nation’s economy. That is just one avenue of revenue available to the government.
The Federal Government has increased the salary of workers to some extent after it held talks with Labour Unions over salary increases for workers in the country. In your view would a salary increase for workers ameliorate the situation?
In a situation where the naira is constantly devalued and the price of commodities is constantly on the increase, there is no amount of money one receives that would help. One bag of rice is over seventy thousand naira. A cup of garri is now sold at three hundred naira. Everything is on a price rise on a daily basis.
How do you look at the Nigerian business environment?
The Nigerian Business environment is a good one with many areas waiting to be harnessed. But some say it looks allegedly hostile as there has reportedly been an exodus of foreign companies with some others indicating interest in leaving the country. But the environment is a good one that only government policy can boost.
The industries help in generating revenue for Nigeria. So, their existence is important for the development of the country. It won’t be a thing of joy to do nothing to sustain their existence in Nigeria. It was said that about six hundred and sixty-seven companies have left Nigeria. I think these companies are leaving because the environment is no longer conducive for them to operate. The Federal Government should review its business policy with the view to sustaining industrial and business growth, especially in the aspects of taxation, power and security. The removal of VAT on some products and the promise to remove tax on CNG, and on some imported goods are commendable. If implemented it would help. This gesture should be extended to the manufacturing industries which spend a lot on gas and taxation. It is one of the ways to encourage industrial growth and discourage industrial underdevelopment and exodus of firms and companies in Nigeria.
There are mixed reactions over the Tax Reform Bill before the National Assembly. What is your input as SECCIMA and SSCCIMA President?
Some has advocated for killing of the bill while others have called for the return of the bill to the drawing board. What the National Assembly should do is remove every clause in the bill that seeks to increase the suffering of Nigerians. The Northern youths made useful observations when they allegedly said the bill was an anti-common man. IMF aspects should be revisited and reviewed outrightly because of the stringent measures which might impact negatively on the economy. The government would likely work on the bill so that it doesn’t cause harm to the economy and increase suffering in the country.
The sit-at-home order by some separatist groups has reportedly continued to drain the South East economy to the alleged tune of about twenty-two trillion naira. What is your reaction?
I would like the Federal Government to look into the various causes of the problem with the view to ending the bad situation. That’s what I can say on that.
What in your view should generally be done to boost industrial and economic growth in Nigeria?
I have said on several occasions that the provision of social amenities such as power supply, good roads, stabilization of the naira, a secure business environment among others are necessary for business and economic development.
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