Traders in the Federal Capital Territory, FCT, have advised the new Minister of Trade and his Finance counterpart to carry all stakeholders along so as to tap from their wealth of experience to develop the economy and deliver the promise of change to Nigerians.
The traders, who spoke to Nigerian Pilot yesterday in Abuja, urged the ministers to embrace institutions such as, National Association of Nigerian Traders, Association of Accountants of Nigeria, Institute of Chartered of Accountants of Nigeria, and Chartered Institute of Commerce of Nigeria and Market Associations across the country.
Chairman, Wuse Market Traders Association, WUMATA, Mr. Okorie I Raphael, said, “They should go to some of these professional bodies and tap from their wealth of experience; there are experienced individuals in those organisations.
He said their role is to “go to these organisations and engage experts in discussion and study some memoranda that came up in their various conferences, I believe they will be able to have a road map on ways to address the issues of commerce, trade, finance and industrialisation from those memoranda”.
According to him, “the informal sector as the drivers of the economy will be willing to partner with the new ministers to stabilise the economy, so the ministers should engage them to contribute to the economy and march their suggestions with recommendations from the civil servants, this will result to the change we are looking forward to”.
He said the task before the ministers is “to revive the economy and make it one of the 20th economies in the World by 2020. They should work hard to curb the high rate of inflation in the country”.
Another trader at the Garki market also said that one of the ways to curb inflation rate was to make trading environment conducive for investors, manufacturers and entrepreneurs, adding that “the ministers must create the enabling environment for investors to come into the country and establish their businesses”.
He said, the inflation rate will start going down when investors come in, manufacturers encouraged and they do not have to pay much in generating electricity.
In his words, “if the condition is conducive for manufacturers, prices of things will come down and when prices of things come down, then our Naira will begin to have value and doing business in Nigeria will be favorable”.
He said it is possible for inflation rate to go down if the right mechanisms are set.
“It happened in Singapore, China even in India, so it has happened before, this is the time to fight corruption, build infrastructure and encourage private people to join hands with the government to transform the economy,’’ he said.
It would be recalled that the National Bureau of Statistics, NBS, put inflation rate at 9.4 per cent as at September, being the highest for consumer inflation since 2013 and above the Central Bank of Nigeria, CBN, target ceiling of 9 per cent.

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