The president of the Manufacturing Association of Nigeria “MAN” has come forward to back up claims of struggle in production in the country. Mansur Ahmed has said the nation’s manufacturing sector is gasping for breath despite its resources present to provide job employments for tens of millions of people.
According to data collation from the association, it sends a strong indication that manufacturers lack confidence in the economy’s growth.
At the 2021 presidential media luncheon, yesterday, Ahmed said significant among manufacturers’ challenges are difficulty accessing foreign exchange (forex) to procure raw materials not locally available; high cost of electricity/power; and high cost of transportation. Others are low demand for the commodity; difficulty accessing funds; regulatory issues from numerous regulatory agencies; poor port administration and unavailability of raw materials; policy somersaults, but to mention a few.
He noted that these challenges’ implication impedes the manufacturing sector’s growth and development, thereby affecting the sector’s full potential for massive job and wealth creation. However, Mr Mansur Ahmad assured its members about the federal government’s incentives to ensure good faith in the present administration. Amongst the stimuli is the opening of the land borders and established webinars for businesses’ smooth running.
SOURCE:https://www.vanguardngr.com/2020/06/why-fg-must-develop-a-roadmap-for-academia-industry-collaboration-nesg/