TheCable

President Muhammadu Buhari says the effects of the coronavirus pandemic on the economy have indicated the need for Nigeria to review its strategies for doing business.

Buhari said this on Saturday at the 43rd Kaduna international trade fair organised by the Kaduna Chamber of Commerce, Industry, Mines and Agriculture (KADCCIMA).

The president, who was represented by Niyi Adebayo, minister of trade and investment, said his government is making efforts to build and strengthen resilience in key sectors that would strengthen Nigeria’s economic security.

“The recent COVID-19 pandemic and its attendant effects on crude oil prices, foreign exchange and investment inflows has shown that there is need to urgently reconsider and modify the thinking on investment led by comparative advantage only, in order to guarantee Nigeria’s economic security,” he said.

“Our need to drive job-intensive economic growth means that we have to enable investment in areas with high potential for job creation and reducing the demand for foreign exchange, while it also serves as an opportunity to change the country’s narrative to become less vulnerable to incidents which were not created.”

On his part, Nasir el-Rufai governor of Kaduna, commended KADCCIMA for its efforts on organising the annual event, adding that it would provide opportunities for companies to showcase their products and boost the economy of the state.

El-Rufai, who was represented by Kabiru Mato, Kaduna commissioner for business, innovation and technology, said the Kaduna government has been making efforts to improve the welfare of youths and women across the state.

Also speaking at the event, Ide Udeagbala, national president of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), also praised KADCCIMA for organising the trade fair.