Notwithstanding the growth of the manufacturing sector in 2017, the President, Manufacturers Association of Nigeria, Dr Frank Jacobs, has stated that the economic challenges facing the country are not yet over, as the manufacturing sector is still on the brink of recession.
Jacobs said the lingering lacklustre performance of the economy had made it imperative for a rethink on the country’s development strategy.
To this end, he advised the federal and state governments to work in synergy and carry along relevant stakeholders in fashioning appropriate strategies to improve and stabilise the economy.
Addressing stakeholders at the 45th Annual General Meeting of the association in Kano, Jacobs regretted that Kano had declined in terms of industrial development relative to what it was in the past.
To this end, he stressed that efforts must be made to encourage more investment in manufacturing by providing appropriate incentives and infrastructure that would encourage investors as well as taking a closer look at the regulatory functions of government Ministries, Departments and Agencies that discouraged investors.
According to him, the manufacturing sector has been acknowledged as the highest contributor to job and wealth creation, skills development and technology transfer.
