The Federal Government through the Federal Ministry of Industry, Trade, and Investment, Doris Uzoka-Anita had stated their intentions of strengthening collaboration with the Manufacturers Association of Nigeria, MAN to implement sector-specific guidelines.
Doris Uzoka-Anite made this known at the NME/NIRAM Expo in Lagos.
This underscores the pivotal role of the manufacturing sector in our overarching strategy for sustainable growth. “We acknowledge that manufacturing is a cornerstone for job creation, value addition, and a robust workforce. Our policy initiatives centered on creating an enabling environment, incentivizing production activities, and promoting the use of made-in-Nigeria products to boost the competitiveness of our manufacturers”, says the Minister.
She revealed that the President has pledged to allocate N75 billion for 75 manufacturing enterprises to access N1 billion credit at a 9% interest rate per annum. This initiative aims to expedite the transformation of the manufacturing sector.
The 2023 NME/NIRAM Expo with the theme: ‘Future of Manufacturing,’ according to her emphasizes the need for a renewed focus as well as deliberate attention to the development of the non-oil sector through manufacturing processes. “As we are all aware Nigeria has long been dependent on oil as our primary source of revenue putting marginal attention to sustained manufacturing activities. However, the volatility of the global oil market and the need for diversification have necessitated a shift towards developing our manufacturing industry and tapping into its immense potential”, she stated.
“We are convinced that Manufacturing has always been a critical driver of any economic development and is crucial for sustainable growth and job creation. It has the potential to transform our nation’s economy, diversify our revenue sources, and reduce our dependence on oil. The current global economic landscape provides us with unique opportunities to showcase Nigeria’s manufacturing potential and attract local and foreign investments to drive this crucial sector forward”, the Minister noted.
“It is gratifying to note that the future of manufacturing in Nigeria relies on our ability to embrace technological advancements and innovation. We must leverage emerging trends such as artificial intelligence, automation, robotics, and the Internet of Things (IoT) to enhance our manufacturing processes, improve efficiency, and drive productivity. By adopting these cutting-edge technologies, we can boost the competitiveness of our local manufacturers and position Nigeria as a global manufacturing hub”, she added.
“The future of manufacturing also lies in harnessing the potential of renewable energy sources. As we transit to a greener economy, it is imperative that we promote the use of clean and sustainable energy in our manufacturing processes. This will not only help reduce our carbon footprint but also create new job and investment opportunities in the renewable energy sector”, she maintained.
“We must prioritize the development of our raw materials sector to support our manufacturing industry. By focusing on value addition and local sourcing, we can reduce our reliance on imported raw materials and improve the overall competitiveness of our products. This will also contribute to the growth of small and medium-sized enterprises, SMEs, and empower local entrepreneurs to participate actively in the manufacturing value chain”, she said.
“The Nigerian government, through my ministry, is dedicated to fostering a conducive environment for manufacturers to flourish. Our commitment extends to the implementation of policies and programs that facilitate ease of doing business, improve access to finance for manufacturers, and enhance infrastructure and logistics to bolster the growth of the manufacturing sector”, pledged the Minister.
“Since my assumption of office, with the approval of Mr. President, a presidential council for industrial revitalization has been established, with the Minister of Finance serving as the Chair and myself as the Vice Chairman; additionally, various workgroups and task forces have been formed to effectively implement the council’s mandate. Some of these include subcommittees on consumer credit, commodity exchange, heavy industries, and steel development, as well as trade facilitation and ease of doing business. Other subcommittees are licensing and certification of artisans, trade facilitation and realization, mining and solid minerals, oil and gas, and creative industries”, she revealed.
“In line with the objectives of Mr. President’s Renewed Hope Agenda, it is essential that we intentionally shift our focus towards non-oil manufacturing sectors such as agriculture, textiles, automotive, pharmaceuticals, and renewable energy. Through fostering innovation, championing local content, and strategically investing in critical infrastructure, we have the potential to catalyze the development of a robust and globally competitive manufacturing sector, thereby significantly contributing to our economy”, she said.