DEPUTY Senate President Ike Ekweremadu has said that volatile exchange rate killing industries, small and medium enterprises SMEs in the country, He suggested regional economic integration for states in the federation along the six geopolitical zones to fast-track the nation’s industrialisation.
Ekweremadu in his address at the opening ceremony of Enugu international trade fair said that failure to maintain a uniform exchange rate was antithetical to the promotion of the industrial sector and Small and Medium Scale Enterprises, SMEs, and has led to capital flight and death of many industries and enterprises.
Ekweremadu who also advocated linkages between different groups of enterprises as big businesses had more access to international trade and investment links, said that states will stand to gain more and develop commerce, industry, mines, and agriculture faster when they combine their potentials and resources to benefit from the economies of scale.
In a statement signed by his Special Adviser, Media, Uche Anichikwu, Ekweremadu reiterated his call for restructuring to allow the federating units reasonable autonomy and constitutional empowerments to take initiatives, adding,”Contiguous to regional economic integration is the need for restructuring to move matters like power, railway, aviation, ports, and mineral resources, among others to the concurrent list. That way, States will not have to depend on the Federal Government for the critical infrastructure needed to drive industrialisation.
