Federal Govt Urged To Prioritise Manufacturing Sector This Year

The managing director of Coleman Wires and Cables, Mr. George Onafowokan, has urged the federal government to shift their focus to the manufacturing sector.

Onafowokan stated this in an interview where he discussed the challenges the manufacturing sector faced in 2023.

Onafowokan said, having a Ministry who does not advocate for the industry within the government, indicates a problem, emphasising that the industry should take precedence over trade and investment.

He stressed the need for the minister of Industry, Trade and Investment, Doris Uzoka-Anite to do more to support the manufacturers in Nigeria.

He suggested reaching out to President Bola Tinubu to highlight the importance of industries in stabilising the country, promoting employment, and fostering growth.

Onafowokan also highlighted the excessive bureaucracy that hinders investing in Nigeria, noting that the government should focus on increasing the capacity of existing investors instead of solely relying on Foreign Direct Investments (FDI).

The MD pointed out that, “if a company starts a pioneer product investment, it may fold within two years unless they are foreign investors who have received significant government support.”

He suggested separating the Industry from other ministries to ensure more attention and support.

Onafowokan expressed his concern about using taxpayer money for palliatives, stating that it would contribute to increased inflation.

He argued that the palliatives should be productive, and using the funds to buy food for the people would impact inflation rates negatively.

Furthermore, the MD emphasised the need for a balance between fiscal policy and monetary policy to ensure the sustainability of the manufacturing sector.

He commended the government for their infrastructural development efforts, particularly the Lagos Ibadan expressway, which has brought significant development to businesses in that corridor.

Onafowokan further called on the minister and the government to prioritize the manufacturing sector and support its growth for the benefit of the country’s economy.