Enforcing executive orders 003, 005 key to boosting local products — Muda

The Federal Government has been urged to enforce Executive Orders No 003 and 005 to encourage patronage of locally produced goods thereby boosting the country’s economy.

The Founder, Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, disclosed this in Lagos, during the fourth National S.M.E Business Awards (NNSBA)

Executive Order 003 states that all Ministries, Department and Agencies (MDAs) shall grant preference to local manufacturers of goods and service providers in the procurement of goods and services.

Executive Order 005 directs all MDAs to engage indigenous professionals in the planning, design and execution of national security projects and maximise in-country capacity in all contracts and transactions with science, technology and engineering components.

Yusuf said government’s pronouncement should be monitored and if there is any violation it should be escalated for necessary sanctions.

He lamented that the difficulty in getting bank guarantee usually requested for by the Bank of Industry (BOI) from potential loan seekers has become counter-productive and something urgent needs to be done to address the issue.

The Chairman, Odua Investment Company Limited, Otunba Bimbo Ashiru, said the Small and Medium Enterprises (SMEs) is the most important factor in the world, presenting over 80 per cent businesses in the world.

He said Nigeria didn’t have any business to be an importing economy, noting that the resources are there for the country to be self-sufficient.

The President, Association of Small Business Owners of Nigeria (ASBON), Dr, Femi Egbesola, said the event was organised to celebrate SMEs enablers for their support.

He added that those who have shown support for the SMEs ecosystem deserves to be recognised.

Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs.Folashade Ambrose-Medebem, said the MSME sector is the undisputed backbone of the economy, contributing significantly to employment and income generation, poverty reduction, and wealth redistribution.

Represented by the Permanent Secretary in the ministry, Olugbenga Aina, she said there are over 40 million MSMEs in Nigeria, employing over 80 per cent of the population.

Ogun State Commissioner for Industry, Trade and Investment, Mr. Adebola Sofela, represented by Kehinde Akintomide, also said the SMEs form the backbone of the nation’s economic landscape, driving innovation, creating employment , and fostering sustainable development across various sectors, hence deserves the unwavering commitment at all time.

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