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ABUJA – Stakeholders in Nigeria’s manufacturing sector have urged the government and private investors to prioritize investments and policy support to rejuvenate the nation’s economy.
The appeal was made during the 36th Annual General Meeting (AGM) of the Manufacturers Association of Nigeria (MAN), Anambra/Ebonyi/Enugu chapter, held on Friday in Enugu.
Themed “Revitalizing Nigeria’s Economy Through Manufacturing-Driven Non-Oil Export,” the event brought together key players in the sector to deliberate on the role of manufacturing in driving economic diversification.
At an event held at the KOBB Event Centre, Lady Ada Chukwudozie, Chairperson of the Manufacturers Association of Nigeria (MAN) for Anambra, Enugu, and Ebonyi States, called for a paradigm shift in Nigeria’s export strategy. She underscored the critical need to bolster the manufacturing sector as a cornerstone for achieving sustainable economic growth and diversification.
Lady Chukwudozie raised concerns about the manufacturing sector’s precarious state, warning that it is on the verge of extinction. She stressed that the nation’s heavy reliance on the oil sector poses significant challenges, including price volatility, environmental degradation, and a lack of economic diversity.
According to the chairperson, addressing these issues requires urgent action to prioritize manufacturing and create a more resilient and export-driven economy.
She emphasized that achieving economic sustainability requires Nigeria to diversify its economy and prioritize the development of critical sectors that drive non-oil growth. According to her, several countries have successfully implemented manufacturing-led strategies to boost non-oil exports, spurring economic growth and diversification.
“Singapore serves as a remarkable example of this approach. The country has leveraged manufacturing, alongside a strong emphasis on innovation, research, and development, to transform its non-oil export sector,” she noted.
“To sustain progress, we must prioritize strategic investments in infrastructure, education, and research to cultivate a skilled and innovative workforce.
“In addition, policies that support manufacturing should be at the forefront, including tax incentives, favorable trade agreements, and improved access to finance. Our focus must shift towards developing high-value-added products and services capable of competing on a global scale.”
“The manufacturing sector faces numerous challenges, including inadequate funding, limited market access, unhealthy competition, high production costs, scarcity of critical production inputs, and an unfriendly investment environment,” she stated.
In his remarks, the former Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, emphasized that investing in the manufacturing sector holds the master key to addressing Nigeria’s pressing economic challenges.
Dakuku who is the Keynote Speaker, explained that when support were being given to manufacturing, more persons who would invest, innovate, generate more product and become source of earning for the country
According to him, export driven manufacturing can help to achieve high growth trade and serve as import substitution.
“Manufacturing of non oil export has proven to be the major tool for diversifying the economy and reducing Nigeria vulnerability, fluctuation in oil price and Nigeria should stop depending on oil and gas but focused on production.
“And for manufacturers to do well and export trade to grow, we need to develop our infrastructure such railway, airport seaport and road network for movement of goods and services as well as ensuring competitive workforce.
“We also need to fix our power, provide incentives for manufacturers like export subsidy like tax free on certain export and ensure stability of monetary policy, interest rate as they influence manufacturing sector,” Dakuku said.
Also speaking,Deputy Governor of Anambra State, Dr Onyekachukwu Ibezim, called for collaboration among the states in the southeast region to invest and support 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 identifying those areas that has comparative advantage with production and in Anambra State, we are doing something different in Agriculture as we are doing revolution in palm tree and coconut”.
Earlier, the Chairman of the event, Chief Martin Agbaso, regretted that the country embarked on various
Structural Adjustment Programme discouraging export and pushing forward import.
He, however, urged all the Local Government Areas in the Nigeria to begin to tapped 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.
