Stakeholders in the manufacturing sector have attributed Nigeria’s slow growth of industries to limited access to finance, infrastructure challenges, high cost of doing business and lack of skilled labour.
This is just as they tasked the government to grant tax rebates to manufacturers, protect and prioritise made in Nigeria goods to promote local consumption. The managing director of BUA Foods Plc, Engr. Abioye Musibau Ayodele, stated these in a keynote address at the Nigerian Society of Engineers (NSE) 8th College of Fellows’ roundtable symposium with the theme: “Reengineering and organisational competitiveness of manufacturing firms in Nigeria,” in Abuja.
Ayodele said the manufacturing sector in Nigeria has faced sluggish growth, primarily due to the substantial influence of the COVID-19 pandemic.
He advocated the adoption of manufacturing technology for Nigeria’s economic growth and sustainable development.
Ayodele said embracing advanced manufacturing technologies will catalyse a transformative shift, unlocking a myriad of benefits for the nation.
“The adoption of manufacturing technology is not merely an option for Nigeria and Africa by extension, it is a strategic necessity. It lays the foundation for economic advancement, innovation, and global competitiveness, positioning our nation as a dynamic player in the rapidly evolving landscape of the 21st Century.”
He said during Q2 2020, the manufacturing sector experienced its most significant downturn since 2016, registering a negative growth rate of -8.8 percent.
He added that despite subsequent recovery efforts, “the manufacturing sector has continued to exhibit tepid growth, averaging an annual growth rate of 3.4 percent in 2021 and 2.5 percent in 2022. As of Q2 2023, the growth rate remains modest, standing at 2.2 percent”.
In his presentation on “Enabling Factors to Advanced Manufacturing Success”, the managing director, Yakasai Oil Mills, Mohammed Jafar Na’Abba, said that the sector was over regulated with government agencies doing duplicate jobs and extorting money from the manufacturers.
“We are over regulated, the same agencies doing the same thing and collecting money from us. Sources of forex frustrating local productions. We get forex through black market,” he said.
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