NBC Leads Manufacturing Sector’s Push for Policy to Fast-track Industrial Reforms

Nigerian Bottling Company (NBC) has stated that its sponsorship of the manufacturing session at the 30th Nigerian Economic Summit is a confirmation of its commitment to Nigeria’s industrial growth.

The event attracted leaders from across Nigeria’s productive sectors, including regulators, trade associations, and policymakers. As the nation faces economic headwinds, the session aimed to proffer solutions that will unlock the full potentials of the sector and reinforce its position as a driver of national growth.

The session opened with welcome remarks from Dr. Tayo Aduloju, CEO of the Nigerian Economic Summit Group (NESG), and was further energized by contributions from Melissa Jones, Country Representative for the United State Agency for International Development (USAID), and Goran Sladic, Managing Director of NBC.

In his remarks, Goran highlighted the essential role of industrialization in driving economic transformation, stating: “Industrialization is the foundation of any nation’s economic growth. It has the power to enhance productivity and innovation, diversify the economy, and, most importantly, create jobs for millions of Nigerians. For a nation as rich in natural resources and human talent as Nigeria, it is not just an opportunity—it is an obvious choice to drive economic transformation.”

Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, emphasised the importance of the manufacturing sector for job creation, improving government revenues, and stimulating economic growth.

He said: “We have identified key challenges, including fiscal and regulatory barriers, that impact the manufacturing sector. Our withholding tax reforms will provide much-needed relief, addressing working capital, cash flow, and financing costs faced by manufacturers. These exemptions will also extend to input providers, ensuring broader sectoral support. Additionally, as part of our stabilization efforts, we are considering reforms such as the ability to claim full input credits on assets. When implemented, manufacturers will be able to claim credits on both assets and services, significantly easing their financial burden.”

A key takeaway from the session was the call for a co-created a national industrialisation policy that would serve as a strategic framework for revitalizing the sector. Participants emphasized the need for collaboration between the organized private sector and the government to create a sustainable industrial ecosystem capable of driving long-term economic stability.

Stakeholders also discussed the Federal Government’s Economic Stabilisation Bill (ESB) as a potential game-changer for the manufacturing industry. If effectively implemented, the bill promises to stabilize the sector, enabling it to recover and grow at a pace that could significantly bolster Nigeria’s overall economic trajectory.