2 Dr Okwara Udensi, branch chairman of MAN, made the call in Benin on Thursday while addressing the 36th Annual General Meeting of the association
Udensi observed that chronic dollar shortage was affecting the manufacturing sector negatively.
4 “They have been consequently to go to the parallel market to get the dollar at higher rates.
6 Udensi stressed that the manufacturing sector would only be able to contribute to the country’s economic growth if the numerous challenges militating against its smooth operations were tackled.
7 He listed the challenges as poor electricity, high lending rates, multiple taxes and levies by government agencies, low patronage of made-in-Nigeria products and congestion at the Lagos ports, among others.
8 “It is our expectation that these identified challenges be addressed by government to move the country from an import-dependent to a self-sufficient and export-based economy.
9 “This can only be made possible with consistency in governments’ policies to guarantee the required enabling environment so that manufacturing companies are able to operate at maximum capacity,’’ he said.
14 In her remarks, Prof. Mercy Anyiwe, a professor of Economics at the University of Benin, urged manufacturers to leverage on innovation and technology to make their products competitive at the global market.
15 She charged MAN to partner with research institutes and the academia to overcome some of their challenges.
16 The Annual General Meeting has “Nigeria’s struggling macroeconomic policies: Lessons and challenges for the manufacturing sector’’ as its theme.