By Nkiruka Nnorom

Industrialists under the aegis of Ikeja branch of manufacturers Association of Nigeria, MAN, have said that the problem of scarcity of raw materials and foreign exchange, confronting manufacturers in the country could be solved through technological development and local sourcing of raw materials. The association’s chairman,Prince Oba Okojie, made the remarks at the 2016 CEOs Business Luncheon, in Lagos, saying that the problem of corruption, power, forex and technological advancement was due to failure of successive governments to tackle the problems some years back.

He, therefore, called on the Federal Government to constitute committee of tested technocrats and apposite stakeholders towards formulating policies and blue-prints that will get the economy back on track.

He noted that right measures must be taken in order for the country not to fall into the category of Zimbabwe, Democratic Republic of Congo, and Ethiopia that ranked poorest in Africa with a GDP per capita of $200, $400 and $500 respectively.

He said: “The negative indices working against smooth manufacturing in the country are legion coupled with depressed economy. Perhaps, the biggest of manufacturers problem is now sourcing for forex, as major raw materials are sourced overseas, but this singular problem can be ameliorated through technological development by strengthening our technical colleges and inward sourcing of raw materials. “The technical colleges in China, United States, Germany and Japan. form the technical hub of manufacturing, engineering, development, fabrication and improvisation.”