Subsidise Agric, Industry Sectors, FG Urged

02 Apr 2012

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By  Adebiyi Adedapo 

The Federal Government has been advised to invest more on intervention strategy in the agricultural and industrial sectors.

The government was equally advised to reduce the tax burden on industrialists, so as to encourage technological innovations and improvement in quantity and quality of locally manufactured products.

Editor-in-chief, Industry and Technology Review magazine, Mr. Moses Owolabi, made the call at an Award ceremony recently in Abuja.

He said that leaving both sectors without serious intervention would slow down much needed economic development in the country. “Leaving the two real sectors without intervention is tantamount to marooning the farmer or industrialists on the high seas,” he said.

He suggested that the government should introduce a fuel voucher system that would ensure that petroleum products used in industrial are accessed by real industrialists at subsidised rate.

According to Owolabi, government should lower the burden of the industrialists while the authorities beam its searchlight on the rich and make them pay more taxes, this he said would generate more employment and more revenue for the government.

“We will suggest the introduction of a fuel voucher system that would involve the Manufacturers Association of Nigeria (MAN), and other industrial associations to ensure that diesel and HPFO (Black Oil) are accessed by real industrial users at subsidised rate.

“The loan requirement for industrialists seeking loan at the Bank of Industry and other banks should be reduced to the minimum, while the loan is guaranteed to the tune of 70 per cent by the Central Bank as it has just been done for the agricultural sector,” he said.

Director General of Raw Materials and Development Council (RMDC) Prof. Peter Onwualu, National Board for Technology Incubation, Nigerian Content Monitoring and Development Board, Yenagoa, Electronics Development Institute, Awka amongst others were recognised for their outstanding contributions to technological development of the country.

Owolabi noted that the awardees were nominated based on their clear-cut and verifiable achievement towards formation of a national system of innovation in Nigeria.

Tags: Business, Nigeria, Featured, Subsidise Agric, Industry Sectors, FG

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