Over 7,000 small and medium scale Moribund Industries across the country would be revived should the funds saved from withdrawal of petroleum subsidy are channeled towards power generation and distribution.
Similarly the revival of those industries would also creat multiplayer effects on job creation and crime fighting as a result of the expected improvement in the power sector.
Former lawmaker that represented Anambra East and West Federal Constituency Chief Chinedu Obidigwe who is also the Coordinator of South East Economic Development Commission disclosed this to reporters in Awka explained that in order to check mate the side effects of the withdrawal of subsidy on petroleum President Ahmed Bola Tinubu should consider it as one of the first line charges of his administration.
Obidigwe further noted that the concept behind the withdrawal of fuel subsidy is in the right direction but was quick to add that the investment of the subsidy funds into the power sector would give the policy a soft landing.
“Granted that Nigerians are not too conformable with the back lash occasioned by the withdrawal of fuel subsidy what comes into sharp focus is where those funds would be channeled into.
“When you look at our power sector you would discover that this is one of the sick babies of our country’s economy and the funds saved from the subsidy removal should be invested into power in order to revive our moribund small and medium scale Industries.
“What drives our economy is not the multinationals and large corporations but those small and medium scale Industries and they form the bases of our economic sustainability.
“From hindsight over 70,000 small and medium scale Industries would come alive if this is done and it my firm belief that President Ahmed Bola Tinubu is aware of this and we urge him to take advantage of that ” he said.
Speaking on the need to establish a South East Economic Development Commission SEEDC Obidigwe noted that it is long over due adding that the Commission would be in a better position to harmonize the socioeconomic development of the area and jump start the revenue of the area.
“We in the South East are industrialists and traders and with the setting up of this Commission the area would be improved in terms of revenue for the country and also creat a better platform for doing business in the country” he said.
