…Seeks stakeholders’ support

By Chinedu Adonu

Stakeholders in Nigeria’s manufacturing sector have emphasized the urgent need for investments and support to revitalize the country’s economy.

This was highlighted during the 36th Annual General Meeting (AGM) of the Manufacturers Association of Nigeria (MAN) for the Anambra, Ebonyi, and Enugu chapters, held at KOBB Event Centre, Enugu.

The event, themed “Revitalising Nigeria’s Economy Through Manufacturing-Driven Non-Oil Export,” focused on strategies to diversify the economy.

The Chairperson of MAN in the region, Lady Ada Chukwudozie, stated that Nigeria needed a paradigm shift in its export focus by supporting the manufacturing sector.

While noting that manufacturing was nearing extinction, she emphasized that over-reliance on the oil sector posed significant challenges, including price volatility, environmental degradation, and limited economic diversification.

To ensure economic sustainability, Chukwudozie advocated for diversification and the development of critical sectors that drive the non-oil economy, citing global examples.

“Singapore is a remarkable example of a country that has leveraged manufacturing to drive non-oil exports by focusing on innovation, research, and development,” she said.

To sustain growth, she urged prioritizing investments in infrastructure, education, and research to build a skilled and innovative workforce.

She also called for policies that support manufacturing, including tax incentives, trade agreements, and access to finance, while emphasizing the need to develop high-value-added products and services that can compete globally.

“We in the manufacturing sector face challenges such as inadequate funding, limited markets for products, unhealthy competition, high production costs, lack of critical production inputs, and an unfriendly investment environment,” Chukwudozie noted.

The former Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, emphasized that investment in the manufacturing sector was key to solving Nigeria’s economic challenges.

Delivering the keynote address, Peterside explained that providing support to the manufacturing sector would encourage more investment, innovation, and production, thus boosting the country’s earnings.

According to him, export-driven manufacturing is essential for achieving high trade growth and import substitution.

“Manufacturing for non-oil export has proven to be a critical tool for diversifying the economy and reducing Nigeria’s vulnerability to fluctuations in oil prices. The country should stop depending on oil and gas and focus on production,” he said.

Peterside further highlighted the need to develop infrastructure such as railways, airports, seaports, and road networks to facilitate the movement of goods and services. He also called for fixing the power sector and providing incentives like export subsidies, tax exemptions for certain exports, and stable monetary policies to enhance the manufacturing sector.

Deputy Governor of Anambra State, Dr. Onyekachukwu Ibezim, also spoke at the event, advocating for collaboration among Southeast states to invest in and support the manufacturing sector.

As a Special Guest of Honor, Ibezim described Governor Charles Soludo as a visionary leader and urged states in the Southeast to cross-fertilize ideas and address challenges affecting the non-oil sector.

“Systematically, we need to identify areas with comparative advantages in production. In Anambra State, we are revolutionizing agriculture by focusing on palm trees and coconuts,” he said.