Manufacturing Sector to Grow by 5% in 4 Years

Buses manufactured at INNOSON Vehicle Manufacturing (IVM) Co. Ltd, Nnewi, AnambraBuses manufactured at INNOSON Vehicle Manufacturing (IVM) Co. Ltd, Nnewi, Anambra

The Manufacturers Association of Nigeria, MAN, has expressed its desire to grow Nigerian manufacturing sector by 5 percent per annum within the next four years.

MAN is currently collaborating with Manufacturing Partnerships for African Development (MPAD) to hold an Expo in Lagos,March,2016, where it hopes to meet thousands of industry experts as a way of realising that dream.

The Chairman Economic Policy Committee (EPC) of Manufacturers Association of Nigeria, MAN, Reginald Odiah, who made this disclosure, stated that

“My vision is to see a Nigerian manufacturing sector that is developing and achieving a GDP growth of 5% per annum for the next four years”.

The Association however called for a massive investment to take the Nigerian manufacturing sector to the next level, adding that they hope “that the expected investment will come from two fronts – internally from local investors who will take advantage of new government policies and support via the Central Bank of Nigeria, CBN and Bank of Industry, BOI to expand their existing businesses and move into new areas of manufacturing.

“And then foreign investors who will want to take advantage of the new government policies and the investment climate.”

Moreover, thousands of Nigeria’s leading manufacturing experts will meet for the third annual MPAD & inaugural Nigeria Manufacturing Expo (MAN Expo) in Lagos from 15-17 March, which will be launched in response to the government’s commitment to industrialisation and Nigeria’s need to diversify.

However, he added that the country is full of business opportunities that investors can tap to offset the current economic crash.

His words: “To the prospective investors I say that Nigeria has very wide and unexploited business prospects ranging from solid mineral exploitation to Agriculture / Agro-allied etc.

“There are opportunities for investors that have true love and interest in investing in Nigeria” The laws of the land are becoming more liberal and investor friendly.”

He argued that 2015 was particularly a difficult year for local manufacturers, “reason being that it is an election year and government attention was majorly drawn into electioneering and winning the elections. Very little attention was paid to other sectors of the economy, especially manufacturing as is usual at these times.

“We are hoping and looking forward to Government now giving more time to the Real Sector – Manufacturing and Agriculture. We hope to prepare ourselves working with Government towards addressing the challenges of moving the real sector forward in 2016.”

Punch

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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