The former chairman of Nigeria Economic Summit Group (NESG), Mazi Sam Ohuabunwa, has advised the Federal government to formulate policies that are capable of promoting manufacturing.
Ohuabunwa also tasked members of Manufacturers Association of Nigeria (MAN) to be export focused to enable the country speedily recover from the current economic recession, and get on the path of growth.
Ohuabunwa gave this advice during the virtual Annual General Meeting of Apapa branch of MAN, held recently in Lagos, under the theme: ‘How Can Nigerian Manufacturers Weather Post Covid-19 Storm.’
He said: “Many companies have shut their doors and many others are gasping for breath! Many People have lost their jobs, and many have been pushed into poverty. The Nigerian Manufacturing sector has long been in dire straits even before the advent of COVID-19 and naturally became a major victim because of previous “co morbidities.”
Inflation has climbed to 14.23 per cent at end of October, unemployment at 27.1 per cent as at 2020 Q2 and misery index at 39.66 per cent. Youth unemployment is frightening at 34.9 per cent and poverty has shot up to 40.1 per cent, thus, drastically eroding consumer purchasing power. Rapid depreciation of the naira against the dollar and other international currencies is helping to fuel inflation. Nigeria is actually facing revenue and productivity crisis. Revenue is running far short of expense forcing the government to resort to what many call excessive borrowing.”
In his remarks, the MAN Chairman, Engr. Frank Onyebu, stated that the world has adjusted to the new normal, stressing that MAN is not lagging behind.
“Nigerian manufacturers are not afraid of competition if these challenges are taken care of. We can compete favourably in a level playing field. We are hopeful that, in spite of its own numerous challenges, government will address the needs of manufacturers, especially in the area of power supply, road construction and infrastructural improvements.”