The Manufacturers Association of Nigeria (MAN) Thursday said the government’s reforms in manufacturing were not viable enough to spur growth in the sector.
Speaking at the 47th Annual General Meeting of the Apapa Branch of MAN, the Chairman of the branch, Olukunle Obadina, said the sector has continued to record unimpressive performance in spite of the reforms embarked upon by the government
Obadina, who attributed the lingering challenges facing the sector to poor funding, policy inconsistency, multiple taxation, availability of raw materials, insecurity, among others, called on the government to provide long-term loans to make investment thrive in the sector.
Also speaking, the National President of the association, Frank-Jacobs Udemba, pointed out that the sector was affected with the hard times, stressing that many firms were operating minimally, while some were forced to close down.
“The lack-luster performance of the national economy has made it imperative for us to rethink the country’s development strategy so that we would avoid the recent setback that befell the country.
“The Federal and state governments should work in synergy, carrying along relevant stakeholders in fashioning appropriate strategies to improve and stabilise the economy,” Udemba said.
He charged the government to come up with policies that would trigger investments in the manufacturing sector.
Last week, the Central Bank of Nigeria (CBN) published the July Purchasing Managers’ Index (PMI) report which saw a sluggish expansion in the manufacturing sector for the sixteenth consecutive month to 56.8 points from 57.0 points recorded in June.
The PMI is an indicator of the economic health for manufacturing and services sectors.
Analysts at FSDH Research said the slowdown in the PMI reiterates their earlier position on the weak economic recovery in the country.
“FSDH Research believes that a combination of monetary, fiscal and trade policies is needed to stimulate growth,” the analysts said.
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