Stakeholders at the Equipment and Manufacturing West Africa (EMWA) 2023 exhibition have called on the federal government to prioritise and formulate policies aimed at encouraging both local and foreign investors in the nation’s manufacturing sector.
Besides, the sector is the highest employer after the federal government which also has the capacity to create wealth and generate job opportunities for the nation’s teeming unemployed youths in the country.
They gave the charge at the EMWA 2023 exhibition and conference with the theme: ‘Reigniting Manufacturing to Drive Economic Growth and Development’ in Lagos.
The Event director, EMWA, Amb. Joseph Oru, said the advice was pertinent given that the manufacturing sector is the catalyst for the growth and development of any nation.
Oru described the conference as a platform where expertise and knowledge can be shared alongside serving as a testament to the ingenuity, innovation, and transformative power of the manufacturing sector.
He said, EMWA 2023 was also a training environment for manufacturing staff and a dynamic hub where cutting-edge technologies, revolutionary processes, and visionary minds converge and forge fruitful collaborations.
“All these come together to serve as a catalyst for innovation, partnerships, and the collective advancement of the manufacturing and industrial sector. From new innovations to ground-breaking automation solutions, from sustainable manufacturing practices to breakthrough research and development, this exhibition encapsulates the very essence of the manufacturing landscape.
“Through conferences, workshops, and interactive sessions led by industry experts, we aim to empower you with insights, strategies, and tools to navigate the ever- changing landscape of manufacturing. In spite of how the election year has turned out to be and with a new government in place, I urge them to come out, collaborate with the private sector and put manufacturing at the forefront of their policies to build a better Nigeria,” he pointed out.
Also speaking, the founder, ZenoLynk Technologies Ltd, Technology Service Provider for LagosRide, Mr Tumi Adeyemi, said, a strong manufacturing base ensured self-sufficiency, reduces import dependency, and stimulates exports, thus bolstering the nation’s trade balance.
Adeyemi, who was represented by Evy Nnaji, however, noted that, Nigeria’s manufacturing industry, over the years, has faced numerous obstacles such as; inadequate infrastructure, unreliable power supply, limited access to finance, bureaucratic bottlenecks, and inconsistent policies.
These hurdles, he said, hindered the sector’s growth and competitiveness, leaving it below its full potential. He, however, stated that, in spite of the challenges, Nigeria’s manufacturing industry possessed immense potential for growth and development.
He urged government to leverage on the African Continental Free Trade Area (AfCFTA) opportunity of a vast market of 1.3 billion people to eliminate trade barriers for manufacturers to expand their reach, tap into new markets, and bolster export-oriented production.
On his part, the former director, Trade, Federal Ministry of Industry, Trade and Investment, Mr Abubakar Aliyu, described manufacturing as the backbone of any strong economy, saying, no country can develop without industrialisation.
Aliyu said, efforts must be made to reignite the sector through promotion of technology adoption, improvement in human capital development and fostering partnerships.
President, Nigerian Indonesia Chamber of Commerce and Industry (NICCI) and an exhibitor at EMWA, Mr Ismail Balogun, said the chamber activities was not limited to Indonesia alone but with the global village.
He stated that, the chamber would continue to go wherever there was value for it members in and outside the country to increase trade volume for Nigeria.
Balogun revealed that, between 2021 and 2022, trade balance between Indonesia and Nigeria grew from 2.6 billion dollars to 4.7 billion dollars.
“We would continue to aggressively promote awareness to improve bilateral trade relationship between both countries. With your help and interaction, our job to open Nigeria to new territories and drive investments would be actualised,” he stressed.
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