Mr Devakumar Edwin, the President of the Chemical and Non-Metallic Products Employers Federation (CANMPEF), says that Nigeria can earn its position among industrialized nations if the Federal Government gives immediate attention to policies that promote growth, investment, and innovation.
Devakumar Edwin, who is also the Vice President of Oil and Gas at Dangote Industries Limited (DIL), made the point during the CANMPEF’s 45th Annual General Meeting in Lagos.
He said :” For the manufacturing sector to reach its full potential, government intervention is critical.If priority attention is given to manufacturing as a strategic value-adding sector, capable of driving economic transformation.
“To unlock the potential of Nigeria’s manufacturing sector, the government must commit to the protection for local manufacturing.”
Devakumar added that the government can reduce operational costs and encourage growth by offering tax reliefs and removing tariffs on key agricultural and manufacturing inputs.
Currently, he said that companies in Nigeria’s industrial sector are merely struggling to survive and are not thriving.”
The Chemical and Non-Metallic Industry faced several headwinds throughout the year. Many of the sector’s challenges have built-up over time, from unreliable power supply, currency fluctuation, inflationary pressures, insecurity, multiple taxation to inadequate infrastructure.”
Edwin further stated that despite these constraints, Nigeria’s manufacturing sector is determined to persevere.
“Our members continue to deploy measures such as effective resource allocation and rethinking growth strategies to stay afloat. The resilience of Nigeria’s industrial players is commendable,however long-term solutions must be timely implemented if we are to thrive rather than just survive.”