2024: FG urged to prioritize manufacturing sector

THE Managing Director of Coleman Wires and Cables, Mr. George Onafowokan, has urged the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, and the federal government to prioritise the manufacturing over trade and investment.

In a statement obtained by Vanguard, he said that the industry should take precedence over trade and investment, adding that a minister who does not advocate for the industry within the government indicates a problem.

Onafowokan , who spoke on the challenges the manufacturing sector faced in 2023, said that there is a need for Uzoka-Anite to do more to support the manufacturers in Nigeria.

He said that excessive bureaucracy has been a bane of investing in Nigeria, just as he advised the government to focus on increasing the capacity of existing investors instead of solely relying on Foreign Direct Investments (FDI).

“If a company starts a pioneer product investment, it may fold within two years unless they are foreign investors who have received significant government support. I would suggest that industry should be separated from other ministries to ensure more attention and support.

Also, he expressed his concern about using taxpayer money for palliatives, stating that it would contribute to increased inflation.

“Palliatives should be productive, and using the funds to buy food for the people would impact inflation rates negatively.

“There is the need for a balance between fiscal policy and monetary policy to ensure the sustainability of the manufacturing sector. I commend the government for their infrastructural development efforts, particularly the Lagos Ibadan expressway, which has brought significant development to businesses in that corridor.”