Stakeholders Seek Support for Manufacturing Sector 

Stakeholders in the manufacturing sector have called for increased investment and support to enhance Nigeria’s economy. 

The appeal was made during the 36th Annual General Meeting (AGM) of the South-east zone of the Manufacturers Association of Nigeria (MAN) on Friday in Enugu. 

The theme of the meeting was ‘Revitalizing Nigeria’s Economy Through Manufacturing-Driven Non-Oil Export.’

At the event, which took place at the KOBB Event Centre, the Chairperson of MAN for the zone, comprising Anambra, Enugu and Ebonyi, Lady Ada Chukwudozie, emphasized the need for a paradigm shift in Nigeria’s approach to exports. 

She highlighted the importance of supporting the manufacturing sector to drive this change.

The chairperson noted that manufacturing is on the brink of extinction and emphasized that the association recognizes the significant challenges posed by reliance on the oil sector, which include price volatility, environmental degradation and limited economic diversification.

She stated that to ensure economic sustainability, the country must diversify and develop critical sectors that drive the non-oil economy, adding that several countries have successfully implemented manufacturing-driven non-oil export strategies to promote economic growth and diversification.

“Singapore is a remarkable example that has driven manufacturing to non oil export as they focus on innovation, research and development.

“To sustain this, we must prioritise investment in infrastructure, education and research to develop a skill and innovative workforce.

“We must develop polices that support manufacturing, such as tax incentives, trade agreement and access to finance, focus on the development of high value added product  and services that can compete globally.

“We in the manufacturing sector have challenges such as fund, market for the product, unhealthy competition, high production cost, lack of critical production inputs and unfriendly investment environment,” she said.

The former Director-General, Nigeria Maritime Administration and Safety Agency (NIMASA), Dr Dakuku Peterside, said investment in manufacturing sector was the master key to solving the economic challenges facing Nigeria.

Dakuku, who was the keynote speaker, explained that when support was given to manufacturing, more persons would invest, innovate, generate more product and become sources of earning for the country 

According to him, export-driven manufacturing can help to achieve high growth trade and serve as import substitution.

“Manufacturing of non oil export has proven to be the major tool for diversifying the economy and reducing Nigeria’s vulnerability, fluctuation in oil price and Nigeria should  stop depending on oil and gas but focus on production.

“And for manufacturers to do well and export trade to grow, we need to develop our infrastructure, such as railways, airport, seaport and road network for movement of goods and services, as well as ensuring competitive workforce.

“We also need to fix our power; provide incentives for manufacturers like export subsidy, tax free on certain export and ensure stability of monetary policy, interest rate as they influence the manufacturing sector,” Dakuku said.

Also speaking, the Deputy Governor of Anambra State, Dr Onyekachukwu Ibezim, called for collaboration among the states in the South-east region to invest and support the manufacturing sector.

Ibezim, who was a special guest of honour at the event, while describing Governor Charles Soludo as a visionary leader, said South-east states should learn from each other, cross fertilise ideas and  begin to work on the challenges affecting the non-oil sector in the zone.

He said: “Systematically, we need to identifying those areas that have comparative advantage with production and in Anambra State, we are doing something different in agriculture as we are doing revolution in palm tree and coconut.”

Earlier, the chairman of the event, Chief Martin Agbaso, regretted that the country embarked on various Structural Adjustment Programmes discouraging export and pushing forward import. 

He, however, urged all the local government areas in Nigeria to begin to tap various natural resources in their locality to move the nation forward.

Highlights of the event include conferring of awards on distinguished Nigerians, gala night and dance.