FG Urged to Prioritise Manufacturing Sector

Date:

In recent development, the Managing Director of Coleman Wires and Cables, Mr. George Onafowokan, has urged the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, and the federal government to prioritise manufacturing over trade and investment.

This is contained in a statement obtained by a media house where he said that the industry should take precedence over trade and investment, adding that a minister who does not advocate for the industry within the government indicates a problem.

Onafowokan spoke on the challenges the manufacturing sector faced in 2023, and advised that there is a need for Uzoka-Anite to do more to support the manufacturers in Nigeria. He also said that excessive bureaucracy has been a cause of great distress to investing in Nigeria, just as he advised the government to focus on increasing the capacity of existing investors instead of solely relying on Foreign Direct Investments (FDI).

“If a company starts a pioneer product investment, it may fold within two years unless they are foreign investors who have received significant government support. I would suggest that industry should be separated from other ministries to ensure more attention and support.”

Also, he expressed his concern over using taxpayer money for palliatives, saying that it will contribute to increased inflation. “Palliatives should be productive, and using the funds to buy food for the people would impact inflation rates negatively. There is the need for a balance between fiscal policy and monetary policy to ensure the sustainability of the manufacturing sector.

“I commend the government for their infrastructural development efforts, particularly the Lagos Ibadan expressway, which has brought significant development to businesses in that corridor.”

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

FCCPC ORDERS MONITORING OF MARKET PRICES AMID NAIRA APPRECIATION

The Federal Competition and Consumer Protection Commission (FCCPC) has...

NEW AKWA IBOM POLICE PUBLIC RELATIONS OFFICER ASSUMES DUTY

The newly appointed Police Public Relations Officer (PPRO) for...

UEFA Champions League: Mbappe Stars As PSG Beat 10-man Barcelona

Luis Enrique returned to Barcelona to knock his former...

Tennis: Nadal Makes Triumphant Return At Barcelona Open

Rafael Nadal enjoyed a winning start at the Barcelona...