Former Deputy Governor of the Central Bank of Nigeria (CBN) Prof. Kingsley Moghalu, has called on the federal government to make Nnewi, Anambra State, a full manufacturing hub in Nigeria to attract foreign investment into the country.
He made the call at Nnewi 2020 Investment Summit, saying that the town would hardly become a successful manufacturing hub based on just the efforts of the private sector alone hence the need for the federal government to provide the necessary amenities to make businesses thrive in the area.
He lamented that the federal and state governments are always on the move, looking for foreign investments, when it could support a huge manufacturing hub like Nnewi to reach its limit and in turn help in growing the nation’s economy.
He stated: “Nnewi is the only industrial town in the whole world that is growing without the support of the government. Nnewi is a huge manufacturing hub that started from the scratch by indigenes of the town and has continued to grow without the support of the government.
“It will not be out of place to say that the federal government has abandoned Nnewi. Do you know what people in Nnewi will do if what government did at the Lekki Free Trade Zone is done here? “That is why I always say that the chase for foreign investment is a wild goose chase.
If you create the right environment, investments will come. Money knows where to go and multiply, you do not need to go asking it to come.
Instead of pumping in Naira to rival the dollar, why not create a manufacturing hub and once products are exported and foreign exchange is earned, you will see the economy grow on its own,” Muoghalu said.
Mr Kelechi Nwosu, the CEO of TBWA, a leading marketing company and co-sponsors of the event, in his welcome address, said that the summit is an inaugural event put together to rub minds on ways to scale up growth in Nnewi.
Earlier, the member representing Nnewi North, Nnewi South and Ekwusigo Constituency at the national assembly, Hon. Chris Emeka Azubogu, said the dream of the greater Nnewi industrial hub could be achieved when government provide needed infrastructure to drive manufacturing and also reshape policies that would help drive industries.