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From Geoffrey Anyanwu, Enugu
The Manufacturers Association of Nigeria (MAN), has called for divestments into manufacturing-driven non-oil exports initiatives, to revitalize Nigeria’s economy.
Advocating for the initiatives, especially for businesses in the manufacturing sector, the association said an improved focus on non-oil exports would transform the sector into the nation’s primary driver of economic growth.
MAN Anambra/Ebonyi/Enugu chapter made the call on Wednesday during her 36th Annual General Meeting in Enugu with the theme: “Revitalising Nigeria’s economy through manufacturing and non-oil export.”
Chairman of the association, Lady Ada Chukwudozie, expressed optimism that while global landscape was shifting rapidly, divestments into the non-oil sector has the capacity to improve the nation’s foreign exchange earnings and save Nigeria’s economy.
Giving reasons for her conviction she said, “Globally, we live in a world where change is the only thing constant. The global landscape is shifting rapidly, from globalization to a new era of complexity. The world is yet to recover from the COVID pandemic shocks and the disruption of geopolitical tensions, the Russia-Ukrainian War, the Israeli-Hamas war, proxy wars driven by politics, but behind the politics is commercial interest, climate change, advancements in technology, and resultant macroeconomic inflationary consequences.
“The business environment is increasingly volatile, uncertain, complex, and ambiguous (VUCA), driven by geopolitical tensions, technological disruptions, and evolving customer demands.
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“Here in Nigeria, our economy has depended heavily on crude oil export for its foreign exchange earnings. With dwindling production of crude oil largely due to insecurity and other factors, the foreign reserve has not been able to sustain the pressure on the dollar due to trade deficits and the minting of more money through ways and means, which has impacted the inflation rate.
“However, the recent deregulation of the energy sector has hit an all-time high, with high interest rates in response to the high MPR rates, as the government keeps trying to adjust the monetary policies to control inflation. This has resulted in the currency being devalued. These challenges fully justify divestments into manufacturing-driven non-oil exports initiatives, especially for businesses in the manufacturing sector.”
She further said, “This year’s theme, “Revitalizing Nigeria’s Economy through Manufacturing-Driven Non-Oil Exports,” is a call to action for us to come together and explore ways to diversify our economy and reduce our reliance on oil exports.
“As we gather here today, we are aware of the significant challenges facing our economy, including regulatory, financial, logistical, market-related, security, and political hurdles. However, we also recognize the vast opportunities that exist in the non-oil export sector.”
Chukwudozie however, charged manufacturers and organizations to be agile, resilient, and forward-thinking, adapt and innovate to stay ahead, adding that they must be willing to challenge assumptions, experiment with new ideas, and invest in emerging technologies.
Chairman of the occasion and Lagos-based businessman, Chief Martin Agbaso, advised manufacturers to add more value by exporting finished products than rushing to export only raw materials.
Managing Director of Keystone Bank, Hassan Imam, who called for collaboration between the government, manufacturers, and financial institutions to improve the situation, said, “Through initiatives such as targeted government policies, better access to finance, and infrastructure improvements, we can create an environment conducive for growth in manufacturing.”
