Mary Onyia
The Manufacturers Association of Nigeria (MAN) has complained about the heavy reliance of the country on imported raw materials for production adding that N3.04 trillion was spent on procurement of raw materials for industrial activities in 2023.
Speaking at a Town Hall Meeting the director-general of MAN, Segun Ajayi-Kadir said that the huge amount expended on the importation of raw materials exposes manufacturers to global market fluctuations, stressing that the manufacturing sector alone is capable of contributing over 80 percent of Nigeria’s non-oil export if the potentials are well utilised.
He said that the manufacturing sector is the strength of the industrial sector and is capable of earning revenue of at least $6.72 billion of foreign exchange, adding that the manufacturing sector remains one of the highest contributors to the nation’s industrial sector, with an industrial input of about 46.5 percent.
“Despite inherent challenges, Nigeria’s industrial value stood at $118.22 billion in 2023 and ranked second in Africa, all thanks to a resilient manufacturing sector which accounted for $55.74 billion.
“Manufacturing is the most vibrant sector of any industrialised economy, considering its cross-cutting linkages with all other sectors. Indeed, no economy has developed without the formidable role of manufacturing,” he stated.
Kadir noted that the manufacturing sector is the biggest job creator and appealed to the government to address some challenges bedeviling the trade.
He further stressed that the manufacturers were struggling with high inflation, poor infrastructure, electricity challenge, high cost of credit, naira devaluation, foreign exchange shortages, and multiple taxation.The Minister of State, Industry, Trade and Investment, Sen. John Enoh, and members and representatives of the Organised Private Sector (OPS), attended the event.