A Review of the Nigerian Energy Industry

Naira devaluation aimed at encouraging local industries, boosting GDP – PHCCIMA

Mkpoikana Udoma 24 December 2014, Sweetcrude, Port Harcourt – The Port Harcourt Chamber of Commerce, Industries, Mines and Agriculture, PHCCIMA, says the recent devaluation of the naira by the Central Bank of Nigeria, CBN, is not against the interest of Nigerians, but is aimed at encouraging local industries in a bid to boost the country’s gross domestic product, GDP.
President of PHCCIMA, Engr. Emeka Unachukwu, stated these while fielding questions from newsmen at the 10th Port Harcourt International Trade Fair at the Isaac Boro Park in Port Harcourt.
NairaHe said the devaluation of the naira by the Central Bank of Nigeria is not in the bad interest of Nigerians, but to encourage local industries in a bid to boost the country’s GDP.
According to him, “The devaluation of the naira is a classical economic theory, because when you want to discourage the taste for foreign goods, when you want to discourage import, when you want to encourage exports and manufacturing, devaluation of a currency is a classical fiscal policy to take.
“It is not in the bad interest of Nigerians because they are forcing you to look inwards, so it’s a temporary thing because as soon as you start manufacturing locally, your GDP will grow and immediately the currency will appreciate”.
The PHCCIMA boss also reiterated that the chamber was giving out loans of up to N15 million without collateral and at low interest, to encourage SMEs in the state.
“We decided to tackle the most gruesome of this challenges which is access to finance. We are happy to announce that through our PCS3 scheme, (PHCCIMA Credit Support Scheme for SMEs), we can give collateral free loans up to N15 million at low interest rate and minimum duration of three years.
“It is important to inform that this programme has earned us international recognition and nomination from the World Chamber of Commerce to compete in the Best City Chamber of the World for 2014. We have also remained socially responsible for partnering with the RSSDA on our award winning GWEPS, (Graduate Work Experience, Placement Scheme to reduce graduate unemployment in Rivers state” he said.

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