New automobile industry policy’ll boost economy –PDP

[Mirror]

The leadership of the Peoples Democratic Party (PDP) has applauded President Goodluck Jonathan for what it described as the milestones achieved in the critical sectors of the economy, particularly the new Automobile Industry Policy.

It said the policy is capable of further boasting the nation's economy.

The party, in a statement by its National Publicity Secretary, Chief Olisa Metuh, noted that the President has vigorously pursued his economic reforms and expressed happiness that they have started yielding results.

"We are indeed highly impressed that the reforms initiated by the President have started yielding very high dividends, resulting in a massive leap in the nation's economy that has also been acknowledged by the world community."

The party said the latest is the Fitch Ratings which affirmed "Nigeria's long-term foreign and local currency IDRs as well as senior unsecured bond and short-term foreign currency IDR ratings respectively at "BBs."

The party noted that; "It is heart-warming that at a time other economies of the world are having a downward trend, Nigeria's economy on the other hand is experiencing stability and growth."

It listed some of the factors that led to the positive rating to include massive developments in the power, agriculture and road sectors as well as reforms in finance, commerce and industry.

Particularly, the PDP commended the President for "initiating the New Automobile Industrial Policy Development which is focused on promoting investments in affordable madein- Nigeria vehicles" even as it 'noted that the conclusion of arrangements to kick-off passenger service on the Eastern railway route before the end of December.'

"We are happy that the New Automobile Industry Policy is already yielding results. Direct Foreign Investments (DFIs) are already flowing in from leading vehicle manufacturers, including Nissan and Stallion Group which have entered into an agreement with the Federal Government to establish auto plants in the country.

"This policy which also promotes the manufacturing of spare parts of vehicles used in the country will not only generate massive employment for our people, but will guarantee technology transfer, reduction in cost of vehicles, increase in ancillary investment opportunities and a boost in medium and small scale enterprises."

This, the party said, no doubt will contribute in transforming the country into a manufacturing hub in Africa.

"In the power sector, President Jonathan has shown resilience in ensuring the achievement of production targets. We note that acceleration of works that led to the commissioning of the Geregu Power Project in Kogi State on October 4, 2013 as well as the Omotosho 2 Power Station in Ondo State, which was commissioned last Saturday."

The party also notes the acceleration of works in the other power plants including; Calabar 630MW; Egbema 378MW; Ihorvbor 504MW; Gbarain 252MW; Sapele 504MW; Omoku 252MW; Alaoji 1076MW and Olorunsogo 750MW.

Source: New automobile industry policy'll boost economy –PDP

[Folami David]

Everything that would improve the economy should be done as soon as possible cos it's really what we need now!