From AbdulRazaq Kaura (Zamfara)
Economist and Deputy Vice Chancellor of Usman Danfodio University, Sokoto, Professor Nasiru Musa Yauri, says exchange rate is pre-requisite to industrial development in Nigeria.
He stated this during an interview with Radio Nigeria in Gusau, the Zamfara State capital.
Professor Nasiru Yauri said high exchange rate is responsible for decay in industrial development and high cost of products in Nigeria.
According to him, their research indicated that, in Northern Nigeria alone over 50 different industries can be established for either production of Ceramics, Glasses, Cement, or refining of mineral resources among others.
He lamented that, the instability of the exchange rate makes purchase of machines and other equipments costly hence made it difficult to invest in fear of the inability of Nigerians to buy products with high cost.
Professor Yauri who described insecurity as the major cause of the set back in industrial activities of the country said government and other stakeholders need to do the needful to end the menace of criminal activities to enable investors to invest in the country.
On his part, Former President of the Zamfara State Chamber of Commerce, Aminu Abdullahi said, Zamfara State was lively in industrial activities noting that Zamfara Textile industry, Zamfara Oil Mill and Other ginnery were shutdown due to many factors to include inadequate power supply, insecurity among other challenges.
Both commentators said, government need to provide enabling environment for investors before normalcy in the industries return to the state and country in general.