“How to save Nigeria’s economy”: manufacturers open up

According to industry stakeholders, Nigeria’s economy can be saved by the manufacturing sector. They call for urgent investment and strategic support to revive the economy through non-oil exports. The call was made at the 36th Annual General Meeting of the Manufacturers Association of Nigeria (MAN), where the Chairman, Lady Ada Chukwudozi, stressed the need for Nigeria to transition from an oil-dependent economy by strengthening the manufacturing sector.

Excessive dependence on oil has revealed Nigeria to issues such as price volatility, environmental degradation and limited economic diversification. Nigeria must prioritize manufacturing-led non-oil sector export strategies to ensure economic sustainability as seen in countries like Singapore. Chukwudosie called on the government to implement supportive policies such as tax breaks, improved access to finance and investment in critical infrastructure.

Keynote speaker Dr. Dakuku Peterside described manufacturing as the “major key” to solving Nigeria’s economic problems. Export-oriented manufacturing can reduce vulnerability to oil price fluctuations, generate income and create jobs. Peterside advocated infrastructure development, stable monetary policy and energy sector reforms to support manufacturers.

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Anambra The Deputy Governor of the state, Dr. Onyekachukwu Ibezim, has called for cooperation among the South-Eastern states to leverage their comparative advantages. He cited Anambra’s agricultural revolution in palm and coconut production as an example of innovation in the non-oil sector. The event highlighted the urgent need for a unified approach to position Nigeria’s manufacturing sector as an engine of economic growth.

To achieve this, the government and stakeholders must work together to address the challenges of the manufacturing sector, such as lack of reliable infrastructure, difficulties in accessing finance and intense competition from cheaper imports. By prioritizing non-oil exports and implementing supportive policies, Nigeria Maybe reduce your dependence on oil and achieve economic sustainability.

Source: Legit.ng