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 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, emphasised the need for a paradigm shift in Nigeria’s approach to exports and the importance of supporting the manufacturing sector to drive this change.
The chairperson noted that manufacturing is on the brink of extinction. She emphasised that the association recognises the significant challenges posed by reliance on the oil sector, which include price volatility, environmental degradation, and limited economic diversification.
She added that the country must diversify and develop critical sectors that drive the non-oil economy to ensure economic sustainability. 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 non-oil exports as they focus on innovation, research and development.
“To sustain this, we must prioritise investment in infrastructure, education and research to develop a skilled and innovative workforce.
“We must develop policies that support manufacturing, such as tax incentives, trade agreements, and access to finance. We must also focus on the development of high-value-added products and services that can compete globally.
“We in the manufacturing sector have challenges such as funds, market for the product, unhealthy competition, high production cost, lack of critical production inputs and unfriendly investment environment,” she said.
The former Director-General of the Nigeria Maritime Administration and Safety Agency (NIMASA), Dr Dakuku Peterside, said investment in the manufacturing sector was the master key to solving Nigeria’s economic challenges.
Dakuku, who is the Keynote Speaker, explained that when support was being given to manufacturing, more persons would invest, innovate, generate more products and become a source of earnings for the country
According to him, export-driven manufacturing can help to achieve high-growth trade and serve as import substitution.
“Manufacturing non-oil exports has proven to be the major tool for diversifying the economy and reducing Nigeria’s vulnerability to fluctuating oil prices. Nigeria should stop depending on oil and gas and focus on production.
“And for manufacturers to do well and export trade to grow, we need to develop our infrastructure, such as the railway, airport, seaport, and road network for the movement of goods and services and to ensure a competitive workforce.
“We also need to fix our power, provide incentives for manufacturers like export subsidies, tax-free on certain exports, and ensure the stability of monetary policy and interest rate as they influence the manufacturing sector,” Dakuku said.
Also speaking, the Deputy Governor of Anambra State, Dr Onyekachukwu Ibezim, called for collaboration among the states in the southeast region to invest in and support the 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 identify those areas that have a comparative advantage with production. In Anambra State, we are doing something different in Agriculture as we are doing a revolution in palm trees and coconuts.”
Earlier, the Chairman of the event, Chief Martin Agbaso, regretted that the country embarked on various
Structural Adjustment Programme discouraging exports and pushing forward imports.
He, however, urged all the Local Government Areas in Nigeria to begin tapping 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.
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