APPOINTMENT OF SPECIAL ADVISER ON JOB CREATION UNDER WAY, SAYS AGANGA

By NBF News
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Foreign Partner, Midland Galvanizing Limited (MIDGAL) Mr. Rashmi Chandaria, Minister for Finance, Dr. Segun Aganga, Deputy Governor, Ogun State, Alhaja Salimot Badru, at the commissioning of the First Phase of the 400,000 metric tons Steel Cold Rolling Mill Factory in Abeokuta, Ogun State capital on Saturday.

To this end, Aganga explained that President Goodluck Jonathan is appointing a Special Adviser on job creation.

The Minister, who made the declaration at the official Inauguration of the First Phase of the 400,000 metric tons Steel Cold Rolling Mill complex in Abeokuta on Saturday, said, investors were complaining of high lending rate in the country.

Other dignitaries at the event included, the former Judge of the World Court, Prince Bola Ajibola, Ogun State Deputy Governor, Alhaja Salimot Badru, Alake of Egba-land, Oba Adedotun Gbadebo, the Chairman, Midland Rolling Mills Limited, Chief Tunde Abudu,

among others.
Aganga said, 'We have developed an Economic Growth Strategy which we are implementing. This strategy is based on four keys; The first is the sourcing and allocation of cheap long-term capital to the real sector and infrastructure.

'The second is inclusive growth and job creation. The numbers, the economic indicators are great but the level of unemployment in our country is unacceptable, that is why job creation remains the main focus of this administration that is why President is appointing Special Adviser on job creation.

'The third is the removal of barriers to enhance productivity (power and infrastructure).'

The minister added, 'Access to credit is important and many in Nigeria have complained that the financing they can access is expensive and is too short-term.'

Expressing optimism on the future of the economy, Aganga explained that the current growth in the Gross Domestic Product (GDP) was a pointer to the brighter economy.

He submitted that Nigeria recorded 7.85 percent growth in 2010 compared to the 6.96 percent earlier recorded in 2009.

'This performance has been acknowledged by the International Monetary Fund, World Bank, and other institutions to be one of the strongest globally. Nigeria is a firm part of the group of countries known as the N-11 (next eleven) which were identified by Goldman Sachs, the global investment bank, as having a high potential

But, the Foreign Partner, Midland Galvanzing Limited, Mr. Rashmi Chandaria, bemoaned the harsh business environment in Nigeria, while calling on government to ensure 'ensure better policies for industries to strive.'

Chandaria said, 'The interest rate has been increased to the highest of 36 percent, I mean no industry can survive in this type of environment.'

Chandaria, who disclosed that the first phase of the Steel Cold Rolling plant has capacity of producing 150, 000 tons of Cold Rolled Coils and Sheet while the next phase which will start in 2012 would produce 250, 000 tons, Said the factory ought to have started production in last year but for the power failure in the country.

'We are getting 20 percent of power with no constant voltage. So, we keep our staff sitting idle for 80 percent of the time waiting for power to start running the mill. Believe me, this is not the way to run an industry,' he said.