By Merit Ibe
The Manufacturers Association of Nigeria (MAN) has intensified its advocacy for a well-structured industrial policy to transform the nation’s business environment. According to the association, such a policy would address long-standing challenges in the manufacturing sector, streamline regulatory processes and attract investments to stimulate economic growth.
MAN emphasised that a strategic approach to industrial reforms was essential to enhance competitiveness, ease the cost of doing business and unlock Nigeria’s full industrial potential.
The Director General of MAN, Mr. Segun Ajayi-Kadir, who stated this recently at the January 9 Collective (J9C) annual lecture in Lagos, themed: “Business and Policy Strategy: Examining the Role of Reforms in Enhancing the ease of doing business (EoDB) in Nigeria”, said the manufacturing sector has not historically been handled well by the Nigerian government, lamenting that it pays lip service to the sector.
“Nigeria does not have an industrial policy, there is a need to have a policy that allows the sector to engage with other sectors and even guide the country’s foreign relations. Nigeria has no business promoting hot money; you need to focus on Foreign Direct Investment (FDI); those that would remain in the economy, not flight by night business people who stay in the hotels”, he said.
Ajayi-Kadir further emphasised the need for the swift passage of pending tax bills and the revision of electricity tariffs to align with actual consumption, ensuring a more equitable and efficient framework for businesses and consumers alike.
“Manufacturing is key to economic growth. The government must incentivise private sector participation and clear foreign exchange obligations.”
The MAN boss pointed out that Nigeria must have a system that attracts people who are going to invest in industry, mining and who will benefit from the country’s raw materials and natural resources and retain inclusive development for the economy.
“You need to grow your domestic economy, there is no one that would help you develop your country, if you must have investment from foreigners, it has to be the one that you have proposed to have, but they will never come if they have seen that foreign firms are leaving Nigeria.
“If you make companies in Nigeria prosperous, people will come; if you make the environment conducive, people will come.
“What needs to be done is to treat the people here well and FDI would come in and stay, not flight by night investors”, he said.
On her part, Toki Mabogunje, former President of the Lagos Chamber of Commerce and Industry (LCCI), highlighted the role of sub-national governments in driving reforms. She called for the modernisation of reforms and global competitiveness in the SME sector.
Other stakeholders at the event called for targeted, measurable reforms to enhance the ease of doing business in Nigeria.
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