By Ikeoye Oyetoro
The President of the Manufacturers Association of Nigeria, MAN, Chief Kola Jamodu, has pointed out that for Nigeria to achieve its millennium development goal, its needs to annually pump $15 billion into the real sector of the economy for the next six years.

Cheif Jamodu, who made the statement at the 2010 Enterprise Exhibition organised by the Bank of Industry and the Nigeria Export-Import Bank in Lagos on Thursday, said for the economy to gradually take shape, there is need for Nigerians in diaspora to invest in the country and brace up to the challenges plaguing the manufacturing sector in order to boost the Gross Domestic Product, GDP, of the country.

“It is sad to note that the manufacturing sector contributes about 4% to the nation’s GDP, which is mainly due to the challenges many of the manufacturers are facing in terms of meeting up with the adverse lack of infrastructure facing this sector of the economy.

There is need for more foreign direct investment, and need for more Nigerians in the diaspora to invest in sectors of the Nigerian economy which are lagging behind.” he noted.

The MAN president further pointed out that the challenges caused by the lack of infrastructure has opened up more opportunities in the power, transport and agricultural sectors of the economy, adding that the vast land, good climate and untapped natural resources has made Nigeria a fertile ground for investors.

He further noted that foreign and diaspora investments in the country is constantly being confronted but funding gaps making it almost impossible for potential investors to thrive in the country.

“Nigeria cannot stay aloof from global participation, despite the fact that there are risk concerns from investors over the safety of their investments. MAN and the Organized Private sector will continue the struggle for an investment friendly environment because without the real sector, the nation might not attain its millennium development goals” he added.

He further noted that the Petroleum Industry Bill (PIB) will boost downstream sector for huge investments noting that there are wide market opportunities in the Nigerian market. He also called for more participation from the agro allied sector adding that the sector is yearning for investment.

“There is need for the Nigerian businesses to be linked the global economic system through a direct matching with foreign investors who are already established.”