For several decades, Nigeria’s industrialisation drive has been hampered by inconsistent policies and implementation, making it difficult for manufacturers to adequately plan and make investment projects.
This was the position of experts who spoke at the Lagos Chamber of Commerce and Industry (LCCI) industrial, export, and financial services groups symposium themed ‘Industrial Symposium: Industries as the Catalyst for Growth and Economic Development.’
The experts said the country can only grow its economy when it adequately provides the right support to the manufacturing sector.
According to them, manufacturing which ought to have stood as a pillar that can reduce inflationary pressures by increasing domestic production, reducing imports and stabilising the naira is failing owing to the challenges limiting the sector.
“Frequent policy changes, regulatory uncertainty, and inconsistent enforcement of laws create an unstable business environment for manufacturers,” said Gabriel Idahosa, president and chairman of the council, LCCI.
Idahosa said industries require long-term planning and investment, but they are reluctant to make the necessary commitments when policies shift unpredictably.
He urged the government to prioritise creating a stable and predictable policy environment to attract domestic and foreign investments.
“Industries are not just a means of creating wealth but also catalysts for broader economic transformation. By focusing on the development of key sectors such as manufacturing, agriculture, and technology, Nigeria can overcome its current economic challenges and build a more prosperous future for all.”
Vivian Ikem, CA&C director, Habanera Limited said there is so much inconsistency in Nigeria’s business regulation and implementation.
He said the country has continued to reverse or abandon industrial policies mid-way which is eroding the gains that could have been obtained if they were consistent.
He noted that the country has continued to pay lip service to exports and failed to drive its industrialisation owing to the lack of policies that support manufacturing and export.
According to him, the only known policy for export promotion in the country – the Export Expansion Grant has remained ineffective owing to the government’s inability to clear the backlogs and continuous suspension of the initiative.
“Regulation should be fair, balanced and the process must be sustained.”
Also, Sada Ladan-Baki, group executive director for export and international trade at Dangote Cement, said most manufacturers are not even clear about the industrial policies in the country owing to inconsistencies.
He said the country can only drive its economic growth with sound industrial policies that must be consistent and backed by cheap credit.
Baki urged the current administration to look at what worked for the country in the 60’s and 70’s that brought the growth Nigeria recorded in those periods that can be replicated.
“We must be strategic, specific with policies targeted at driving industrialisation if we truly want to be industrialised,” he said.
He cited an example of the country’s cement policy of the Obasanjo administration, saying the policy moved Nigeria from a net cement importer to an exporter owing to consistent implementation of the policy.
He called for the harmonisation of agencies to address the issue of overlapping regulatory functions.
He noted that the country’s industrial growth cannot be achieved without a skilled workforce while urging the government to invest in education and vocational training to equip the labour force to meet the demands of a rapidly evolving industrial landscape.
Also, Gbadebo Adenrele, managing director at United Capital Investment Banking, noted that too much regulation is bad for industries and too little is also bad.
He stressed the need for balanced and consistent policies to drive growth.
In his keynote address, Olasupo Olusi, managing director of the Bank of Industry said there is a lot of potential for industrial activities in the country which can be harnessed through collaborative efforts to build a robust ecosystem that nurtures and empowers industries.
“The success of Nigerian industries lies not in isolation, but in collaboration,” he said.
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