Members of House of Representatives on Tuesday urged Federal Government to conduct survey of industries/companies across the country with a view to creating a databank on moribund public and privately owned industries and companies with the view to proffer mechanism for resuscitating them.
The resolution was passed sequel to the adoption of a motion sponsored by Husaini Moriki (APC-Zamfara), who underscored the need for the present administration to demonstrate sufficient political will towards implementation of its industrialisation policy.
Moriki specifically observed that the Nigerian economy was booming from the early 1960s to the late 1980s, due mainly to the Government industrialization policies such as the indigenization exercise and import substitution policy, and other initiatives.
According to him, the initiatives also encouraged the establishment of public and private industries and as a result, a lot of Nigerians were gainfully employed and their standard of living was relatively high.
“From the early 1990s, a downward trend began to manifest as a result of a combination of several factors that included economic down turn that was both global and national in nature, resulting in the closing down of many industries and companies with its attendant economic consequences such as growing unemployment and social discontent which was hitherto never experienced.
“The House further notes that the closure of the industries that had been employing hundreds, if not thousands of people resulted in increased unemployment, especially graduates and the youth, thereby accentuating criminality, youth restiveness, reduction in the standard of living in the country and mounting pressure on the scarce foreign exchange due to a resort to importation of goods that were hitherto being produced locally,” Moriki, chairman, House Committee on Industry noted.
He however argued that efforts made by successive Administrations to address the situation through various policy initiatives like privatization of government owned companies, grant of waivers and tax incentives to both local and foreign investors have not yielded the desired results.
“The House observed that lack of industrialization of the Nigerian economy made the recent economic recession experienced by the country more acute and therefore brought to the fore the dire need for diversification of the economy by reviving the moribund industries and focusing attention to the non-oil sector which remains one of the surest ways to reposition the country on the path of sustainable growth and development,” he said.
While ruling, Speaker Yakubu Dogara mandated the Committees on Industry and Legislative Compliance to liaise with the Federal Ministry of Industry, Trade and Investment to ensure compliance and report back in six weeks for further legislative action.
KEHINDE AKINTOLA, Abuja
