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Monday, January 17, 2022

Reviving manufacturing sector ‘ll boost economy – Stakeholders

Francis Akinnodi

Industry stakeholders have harped on the importance of a vibrant manufacturing sector in developing the Nigerian economy and providing quality employment.
They said a vibrant manufacturing sector remains crucial to transforming economies of Nigeria and the continent, achieving sustained growth, creating more jobs and achieving prosperity for all.
Ondo State Chairman, Nigeria Association of Small Scale Industrialist (NASSI), Greatsheyi Akintunde said, “There are many aspects of manufacturing sector that crave for recognition, especially in the scale of growth that it has achieved by increasing total output by over $40 billion in the last 20 years in addition to employing seven million people over the years.
“The outlook for the manufacturing sector is extremely positive ways for example; the development of private sector crude oil refineries and various other backward integration projects which would ultimately yield significant benefits for the economy, helps establish Nigeria as one of the top manufacturing hubs in Africa.”
He however, said that the revival of the nation’s manufacturing sector is very crucial to the revival of its economy.
Akintunde stressed the need for commitment towards ensuring a rebirth of the manufacturing sector to reduce dependence on outsider’s production of the nation’s basic manufacturing needs.
Chairman, Manufacturers Association of Nigeria (MAN), Ondo State chapter, Engineer Emmanuel Adewumi said manufacturing sector has come a long way since the establishment of MAN.
He said, “Despite the challenges of the past, the future of manufacturing in Nigeria looks bright. The coming into force of the African Continental Free Trade Agreement (AfCFTA) opens the wider African market for Nigerian manufacturer.
“The preferences that AfCFTA offers can make Nigerian manufactured goods more competitive in many African markets and can also make it possible for integration into regional and global supply chains.”
He listed several supply-side constraints limiting productivity within the sector, including traffic logjam at the ports slowing down access to imported raw materials, infrastructure (including power and transportation), land acquisition, multiplicity of taxes and levies from different tiers of government and inconsistent government policies.

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