Stakeholders urge support for manufacturing sector

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

This appeal was made during the 36th Annual General Meeting (AGM) of the Manufacturers Association of Nigeria (MAN) for the Anambra/Ebonyi/Enugu chapter, held 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, Lady Ada Chukwudozie, the Chairperson of MAN for Anambra, Enugu, and Ebonyi, 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. She 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 added that to ensure economic sustainability, the country must diversify and develop critical sectors that drive the non-oil economy. She stressed 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 driven 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 a master key to solving the economic challenges facing Nigeria.

Dakuku who is the Keynote Speaker, explained that when support were being given to manufacturing, more persons who would invest, innovate, generate more product and become source 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 vulnerability, fluctuation in oil price and Nigeria should stop depending on oil and gas but focused on production.

“And for manufacturers to do well and export trade to grow, we need to develop our infrastructure such railway, 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 like tax free on certain export and ensure stability of monetary policy, interest rate as they influence manufacturing sector,” Dakuku said.

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

Ibezim a Special Guest Honour at the event, while describing Gov. Charles Soludo as a visionary leader, Ibezim said southeast 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 has 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 Programme discouraging export and pushing forward import.

He, however, urged all the Local Government Areas in the Nigeria to begin to tapped various natural resources in their locality to move the nation forward.

The highlights of the event include bestowing of awards to distinguished Nigerians, Gala Night and dance.