"How Nigeria's economy can be saved": Manufacturers Open Up
Nigeria's economy can be saved through the manufacturing sector, according to stakeholders in the industry. They are calling for urgent investment and strategic support to revitalize the economy through non-oil exports. This appeal was made at the 36th Annual General Meeting of the Manufacturers Association of Nigeria (MAN), where Chairperson Lady Ada Chukwudozie emphasized the need for Nigeria to shift from its oil-dependent economy by strengthening the manufacturing sector.
The overreliance on oil has exposed Nigeria to challenges like price volatility, environmental degradation, and limited economic diversification. Nigeria must prioritize manufacturing-driven non-oil export strategies to ensure economic sustainability, as seen in countries like Singapore. Chukwudozie urged the government to implement supportive policies, such as tax incentives, improved access to financing, and investment in critical infrastructure.
Keynote speaker Dr Dakuku Peterside described manufacturing as the "master key" to addressing Nigeria's economic challenges. Export-driven manufacturing can reduce vulnerability to oil price fluctuations, generate revenue, and create jobs. Peterside advocated for infrastructure development, stable monetary policies, and power sector reforms to support manufacturers.
Anambra State's Deputy Governor, Dr Onyekachukwu Ibezim, called for collaboration among Southeast states to leverage their comparative advantages. He cited Anambra's agricultural revolution in palm and coconut production as an example of non-oil sector innovation. The event highlighted the urgent need for a united approach to reposition Nigeria's manufacturing sector as a driver of economic growth.
To achieve this, the government and stakeholders must work together to address the manufacturing sector's challenges, such as lack of reliable infrastructure, difficulty in accessing finance, and intense competition from cheaper imports. By prioritizing manufacturing-driven non-oil exports and implementing supportive policies, Nigeria can reduce its reliance on oil and achieve economic sustainability.
Source: Legit.ng
