• Tuesday, April 23, 2024
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MAN wants power sector overhaul, FX prioritise to drive manufacturing growth in 2024

MAN wants power sector overhaul, FX prioritise to drive manufacturing growth in 2024

The Manufacturers Association of Nigeria (MAN) has urged the federal government to overhaul the country’s power sector and prioritise forex and credit allocation to manufacturers to drive growth in the country’s industrial sector.

The Association said this in its ‘Manufacturing Sector Outlook for 2024’, adding that these measures will go a long way in greatly improving the sector’s performance in the New Year.

“Government should overhaul the power sector and incentivise investment in renewables to boost electricity generation and promote energy-cost efficiency,” MAN said.

It added that the government should “prioritise forex and credit allocation to the manufacturers and reduce the number of BDCs into large and well-established operators to curb their excesses and untoward operations through effective management and supervision.”

The association advised that the federal government expends costs saved from fuel subsidy to deploy a bouquet of production-focused policies, backed with more structural measures to combat the peculiar inflationary pressures from insecurity, energy and transport costs.

It said that improved electricity supply will ameliorate the issue of inadequacy, reduce the disruptions occasioned by frequent outages and in turn improve energy security.

To revive the sector, MAN said the federal government should also mandatorily upscale patronage of made-in-Nigeria products.

“Government should mandatorily upscale patronage of made-in-Nigeria products by deliberately reducing the excessive reliance of the country on imported products,” it said.

The manufacturers association added that the government should lead by example and give priority to the patronage of made-in-Nigeria products in all its purchases and for all government contracts and projects.

“The three tiers of government should enforce the implementation of the Executive Order 003 in same for their ministries, departments and agencies.”

The association expressed hope that the government will see the manufacturing sector as the key driver of sustained economic growth and will give it the priority that it deserves.