ABUJA – Abuja Chamber of Commerce and Industry (ACCI) have stated that inadequate infrastructure, unreliable electricity supply, and security concerns have compelled numerous enterprises to cease their operations in the Idu Yard industrial hub, located at the core of the Federal Capital Territory, Abuja.
The President of ACCI, Emeka Obegolu, made these remarks during a press briefing in Abuja.
Mr. Obegolu, highlighted that while there have been noticeable improvements in power supply in certain areas, it is crucial that similar attention is directed towards the Idu industrial area and other significant business districts in Abuja.
“As we commemorate our accomplishments, it is imperative to address the urgent challenges that impede the complete realisation of our industrial potential.
“The industrial sector of the FCT, with a specific focus on the Idu Yard industrial hub, situated in the heart of the Federal Capital Territory, serves as a prime example of the opportunities and obstacles in our industrial sector,”Mr. Obegolu expressed.
He emphasised that once envisioned as a catalyst for economic growth and job creation, the hub’s potential remains largely untapped due to neglect and systemic hurdles.
“Poor infrastructure, unreliable electricity supply, and inadequate security measures have compelled numerous enterprises to cease their operations. The condition of the roads leading to and within the industrial layout is deplorable, resulting in costly and inefficient transportation,”he added.
Mr. Obegolu, pointed out that a dependable and consistent power supply is essential for businesses to operate effectively, prosper, and contribute to the city’s economic development.
“While we commend the administration for recent initiatives such as the completion of a functional train station and the installation of streetlights, much more needs to be accomplished.”
He highlighted that the recent approval of the Federal Capital Territory Administration (FCTA) 2024 Supplementary Appropriation Bill of N288 billion by the Senate presents a unique opportunity to tackle these challenges.
Mr. Obegolu urged the relevant government agencies to prioritise industrial development in the implementation of the 2025 budget.
“We call upon the authorities to prioritize the power requirements of these critical business areas to unlock their full potential,”he stated.
To unleash the full potential of the hub, ACCI proposed an immediate restoration and expansion of the primary and connecting roads to the Idu Yard industrial hub to enhance logistics and decrease operational expenses for enterprises.
The utilisation of alternative energy sources to ensure uninterrupted electricity, which he emphasised is vital for industrial productivity.
“Enhancing security measures within and around industrial hubs to restore investor confidence, implementing reforms to streamline taxation for businesses, thereby alleviating their financial burdens and promoting investment, and initiatives to attract and train young individuals in industrial skills, creating a workforce capable of sustaining and expanding these sectors,”he articulated.
ACCI affirmed its commitment to advocating for policies that improve the ease of conducting business and establish a flourishing industrial ecosystem in the FCT and beyond.
“Collaborating with the media, government, and private sector stakeholders, we can revitalize the industrial sector and other overlooked areas into vibrant economic hubs,”he concluded.
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