National Economy
Thursday, July 3, 2025
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
Read News
National Economy
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
National Economy
No Result
View All Result
Home Business

Enhancing Viability Of The Agriculture Sector For Industrial Raw Materials – MAN Representative

by `
2 years ago
in Business, News
Reading Time: 2 mins read
Agriculture
Share on FacebookShare on TwitterShare on Telegram

 

Mr. Lanre Popoola, a representative of the Manufacturers Association of Nigeria (MAN), has emphasised the pressing need for the federal government to bolster the viability of the agriculture sector.

Speaking from Ibadan, Popoola, who serves as the association’s Branch Chairman for Oyo, Osun, Ekiti, and Ondo States, underscored the significance of this action in ensuring a consistent supply of raw materials for the manufacturing industry.

He pointed out that over the past 12 years, the manufacturing sector has faced a downward trajectory, primarily attributed to a range of recurring issues that continue to plague the industry. Popoola lamented that these underlying problems remain unaddressed, resulting in a detrimental impact on the sector.

You May Like

ECS: NSITF Compensates 2 Beneficiaries With N23m

Tinubu Seeks Visa Waiver Deal With OECS Countries

Popoola highlighted the historical challenges associated with accessing foreign exchange (forex) for importing raw materials. He noted that difficulties in this regard led manufacturers to explore alternative markets to fulfill their material requirements. The current scenario, where forex acquisition for raw materials involves high costs, translates to an elevated cost of goods that may not align with consumer affordability.

The chairman elaborated on the cascading effects of this situation: reduced sales could prompt manufacturers to cut costs, which in turn might lead to decreased production and even workforce layoffs. Such a chain reaction could significantly contribute to unemployment and threaten the industry’s stability, thereby affecting the broader economy.

Popoola identified unfavorable government policies concerning forex allocation, power supply, and agriculture as pivotal factors driving the manufacturing sector’s decline in Nigeria. He pointed out that the removal of fuel subsidies and the departure of foreign industries from the country have compounded these challenges, contributing to increased inflation rates. This, in turn, has eroded people’s disposable income, thereby diminishing their purchasing power.

Citing a phenomenon termed the ‘Sachet Economy,’ Popoola noted that companies have resorted to producing goods in smaller quantities to cater to the changing consumer landscape where affordability is crucial. This adaptation has been driven by the necessity to survive challenging circumstances.

He called for a more effective management of Nigeria’s resources, including the rehabilitation of refineries to enable the country to export petroleum products. Additionally, Popoola stressed the importance of facilitating the circulation of sufficient funds within the economy.

Popoola expressed MAN’s optimism that forex rates would stabilize at levels conducive to the manufacturing industry’s needs. He highlighted the potential for collaboration between the government and the private sector to achieve these goals and create an environment conducive to sustainable growth.

 

Tags: Raw Materials
ShareTweetShare
Previous Post

Individuals With Disabilities Want Government To Reverse Tax, Tariff Increases

Next Post

Firm To Introduce $1m Dollar Fixed Income Fund

ANOTHER GOOD READ

ECS: NSITF Compensates 2 Beneficiaries With N23m
News

ECS: NSITF Compensates 2 Beneficiaries With N23m

2 days ago
Labour Institute’s DG Hails Tinubu On Rights Protection, Nigeria First Policy
News

Tinubu Seeks Visa Waiver Deal With OECS Countries

2 days ago
Senator Jibrin Barau @66: Footprints Of A Political Powerhouse And Philanthropist
News

Senator Jibrin Barau @66: Footprints Of A Political Powerhouse And Philanthropist

3 days ago
Obasa: Chronicling A Decade Of Commanding Legislative Tour De Force   
News

Obasa: Chronicling A Decade Of Commanding Legislative Tour De Force  

3 days ago
KEDCO To Commission  N1.1bn Dawanau Network Expansion Project
News

KEDCO To Commission N1.1bn Dawanau Network Expansion Project

3 days ago
Oil Prices Uncertainty Frustrates Nigeria’s $5bn Loan Deal With Saudi Arabia
News

Oil Prices Uncertainty Frustrates Nigeria’s $5bn Loan Deal With Saudi Arabia

3 days ago
Next Post
dollar

Firm To Introduce $1m Dollar Fixed Income Fund

Most Recent

ECS: NSITF Compensates 2 Beneficiaries With N23m

ECS: NSITF Compensates 2 Beneficiaries With N23m

July 1, 2025
Labour Institute’s DG Hails Tinubu On Rights Protection, Nigeria First Policy

Tinubu Seeks Visa Waiver Deal With OECS Countries

July 1, 2025
Senator Jibrin Barau @66: Footprints Of A Political Powerhouse And Philanthropist

Senator Jibrin Barau @66: Footprints Of A Political Powerhouse And Philanthropist

June 30, 2025
Obasa: Chronicling A Decade Of Commanding Legislative Tour De Force   

Obasa: Chronicling A Decade Of Commanding Legislative Tour De Force  

June 30, 2025
17 States Confirm Plans To Host Olympic Day

17 States Confirm Plans To Host Olympic Day

June 30, 2025
NSC Commends Akeredolu For Driving Nigeria’s Flag Football Success

NSC Commends Akeredolu For Driving Nigeria’s Flag Football Success

June 30, 2025
We Are Ready To Host CAA U18/U20 Championships – LOC

We Are Ready To Host CAA U18/U20 Championships – LOC

June 30, 2025
PFL  Event: Ukah Eyes Thrilling Debut Against South African Ceileigh

PFL Event: Ukah Eyes Thrilling Debut Against South African Ceileigh

June 30, 2025
Advertise with us

© 2024 | National Economy

No Result
View All Result
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy

© 2024 | National Economy