Nigerian Manufacturers Urge Government Intervention Amid Economic Challenges
The Chemical and Non-Metallic Products Employers Federation (CANMPEF) has urged the Nigerian government to declare a state of emergency in the manufacturing sector. At its recent Annual General Meeting in Lagos, CANMPEF President Devakumar Edwin highlighted that the industry has been grappling with numerous challenges, including unreliable power supply, currency instability, inflation, and inadequate infrastructure. Edwin noted that recent government policies, such as the removal of the petrol subsidy and the floating of the Naira, have added to the pressures on manufacturers, making it increasingly difficult for them to operate efficiently.
Despite these hurdles, Edwin acknowledged the resilience of the manufacturing sector, praising members for adopting measures to stay afloat, such as effective resource allocation and strategic adjustments. However, he emphasized that without long-term governmental support, the sector’s efforts may be insufficient to achieve sustainable growth. Edwin stressed that a shift from mere survival to thriving would require prompt policy interventions that address the root issues undermining industrial growth.
CANMPEF recommended that the government focus on reducing operational costs and supporting local manufacturing through targeted policies. Suggestions included tax reliefs and the removal of tariffs on essential inputs for agriculture and manufacturing. Edwin argued that prioritizing manufacturing as a vital sector could drive economic transformation and enhance Nigeria’s position among industrialized nations.
