Private Sector Key to Economic Growth, Development – Obi

The Vice Presidential Candidate of the People’s Democratic Party, PDP, in the 2019 elections, Mr Peter Obi, has urged the Federal Government to allow and encourage more private sector participation in Nigeria’s economy, saying that such will drive the economy to growth and development, reports Chioma Ndife.

Obi made this remark in while addressing journalists after he toured the biggest rice mill in Nigeria, Umza Rice Mill, located in Kano. He said he was very concerned about the rising cost of living in the country as a result of soaring prices of food, inflation and other negative economic realities that contended with the development of the nation.

He argued that Nigeria’s economic situation would receive a massive turn around if the government could support private entrepreneurs with good economic policies, well-articulated fiscal and monetary policies and conducive business environment to thrive.

‘Umza Rice Mill is a clear case of how the private sector can contribute to the economy. This is a business that was established in 2009 and 12 years later, they are the biggest rice mill in the nation, producing about 6000 tons of rice daily without much government intervention. One can only imagine how far they will go if the government gives them every necessary support they need.

‘As it is with Umza Rice, so it is with thousands of other businesses, especially the Micro, Small and Medium Entreprises (MSMEs), which are the engine of economic growth and have the potentials of catalysing Nigeria’s economic turn-around if the government can provide the support they need to thrive and excel,’ Obi said.

The Chairman and Founder of Umza Rice Limited, Hon Abubakar Mohammed, appreciated Obi for not only taking out time to come and tour their facility, but asking necessary questions and looking for ways to attract more government intervention to their business, especially with respect to the recent Anchors Borrowers’ Programme.

He recounted how their journey had been, from their early years of humble beginnings. He reeled out business plans for the future while expressing optimism with the future productive capacity of the Umza Rice Mill.