Industrialists Make Case for Favourable Policies to Boost Manufacturing Sector

Oluchi Chibuzor

With the increasing call for the nation to diversify its economy away from oil and gas, industrialists have urged the federal government to initiate policies that would reduce the unfavorable business environment many industries are currently facing.

This, they noted, has caused a lot of Nigerian industries not to be breaking even as a result of several factors beyond their control.

Speaking at his investiture as the 38th President of Rotary Club Agbara held in Lagos,  Uchenna Okafor, asserted that building of a skill and vocational centre during his tenure remain topmost priority, noted many industrialists are facing enormous challenges.

“We all know the economic challenges we are all facing in this country at the moment, especially with the issues surrounding foreign exchange and other so many challenges.

“Government agencies and parastatals are looking for funds because the fortune of our oil is dwindling by the day and so they have unfortunately pounced back on the manufacturers whom they are supposed to be supporting and encouraging to do better; because we are playing a very vital role in our economy. We provide jobs for our teeming youths, it is unfortunate the leadership of the country does not respect that vital role that we are playing instead they are frustrating industrialists and companies.”

According to him, despite all these challenges they would continue to encourage more people to go into manufacturing irrespective of the numerous setbacks in the country.

“We are committed to building a vocational centre for the youths to learn new skills and see the potential by discovering knowledge. SMEs are the live wire of our economy, instead of the government growing them, the political class are killing these vital engines of the economy.

“How else can you do that? Is by implementing viable economic policies that will help to grow SME’s and industries. There are so many things the government can do to enhance the life of SMEs in this country. If power and infrastructure is better off than what we have today, SMEs will spring up and provide jobs and stimulate the growth of the economy, “he said.

Speaking also at the event, the Managing Director, Jocaro Nigeria Limited, Dominic Okafor, pointed to the impact of high inflation, lack of stable power supply and high cost of diesel as factors contributing to many industrialists not breaking even in the country
“Everybody knows that due to the high inflation in Nigeria and the epilectic power supply a lot of people in business are not finding it easy; because our money is almost worthless which has now made the cost of a liter of diesel go for N800. This has made it really difficult for a lot of people who are generating their own power not to breakeven, “he said.