The Producers Affiliation of Nigeria (MAN) has urged the federal authorities to overtake the nation’s energy sector and prioritise foreign exchange and credit score allocation to producers to drive progress within the nation’s industrial sector.
The Affiliation mentioned this in its ‘Manufacturing Sector Outlook for 2024’, including that these measures will go a good distance in drastically enhancing the sector’s efficiency within the New Yr.
“Authorities ought to overhaul the ability sector and incentivise funding in renewables to spice up electrical energy era and promote energy-cost effectivity,” MAN mentioned.
It added that the federal government ought to “prioritise foreign exchange and credit score allocation to the producers and scale back the variety of BDCs into giant and well-established operators to curb their excesses and untoward operations by way of efficient administration and supervision.”
The affiliation suggested that the federal authorities expends prices saved from gas subsidy to deploy a bouquet of production-focused insurance policies, backed with extra structural measures to fight the peculiar inflationary pressures from insecurity, power and transport prices.
It mentioned that improved electrical energy provide will ameliorate the difficulty of inadequacy, scale back the disruptions occasioned by frequent outages and in flip enhance power safety.
To revive the sector, MAN mentioned the federal authorities also needs to mandatorily upscale patronage of made-in-Nigeria merchandise.
“Authorities ought to mandatorily upscale patronage of made-in-Nigeria merchandise by intentionally decreasing the extreme reliance of the nation on imported merchandise,” it mentioned.
The producers affiliation added that the federal government ought to lead by instance and provides precedence to the patronage of made-in-Nigeria merchandise in all its purchases and for all authorities contracts and tasks.
“The three tiers of presidency ought to implement the implementation of the Govt Order 003 in similar for his or her ministries, departments and companies.”
The affiliation expressed hope that the federal government will see the manufacturing sector as the important thing driver of sustained financial progress and can give it the precedence that it deserves.
