By Nkiruka Nnorom
The President of Manufacturers Association of Nigeria, MAN, Mr. Frank Jacobs, has called on the federal government to create enough incentives to attract investors that will drive the resource-based industrialisation policy adopted by the government.
Speaking at the Man Ikeja 49th Annual General Meeting, AGM, in Lagos, he explained that the resource-based industrialization policy involved the utilisation of the nation’s abundant natural resources in producing the products the country needs.
He, therefore, called on manufacturers to key into the policy, saying that it would help to reduce the demand for foreign exchange to import essential raw materials for production, which has been a major challenge in the sector.
He observed that the policy would not come without a cost to some manufacturers as they may have to retool existing technologies and production processes.
“Government has a lot to do to make this new orientation of resource-based industrialisation successful. Government should create attractive incentives for investors who would engage in the processing and of the abundant agricultural and mineral resources from primary produce to secondary or intermediate products.
“This would go a long way in attracting potential and and existing manufacturers into the use of local raw material inputs,” he said.
“In the meantime, government has to continue the search for viable options of making forex available to manufacturers as we have to continue to produce. In saying this, I have taken into cognizance the recent efforts of the government through the Central Bank of Nigeria, CBN, to give preferential forex allocation to manufacturers,” Jacobs added.
Jacobs further urged the government to match words with action on the current campaign on patronage of Made-in-Nigeria products so as to galvanise investments in the manufacturing sectors.