National Economy
Thursday, July 17, 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

‘Nigeria’s BRICS Membership Will Unlock Global Markets For Local Innovators’

Customs Arrests India-bound Passenger With $29,000 At Lagos Airport

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

‘Nigeria’s BRICS Membership Will Unlock Global Markets For Local Innovators’
News

‘Nigeria’s BRICS Membership Will Unlock Global Markets For Local Innovators’

3 days ago
Customs Arrests India-bound Passenger With $29,000 At Lagos Airport
News

Customs Arrests India-bound Passenger With $29,000 At Lagos Airport

3 days ago
Bolt Engages Riders, Policymakers On Safer Urban Mobility
News

Bolt Engages Riders, Policymakers On Safer Urban Mobility

3 days ago
Energy Stakeholders Discuss Funding For Local Industry Players
News

Energy Stakeholders Discuss Funding For Local Industry Players

3 days ago
Netherlands Renegotiates Double Taxation Agreement With Nigeria
News

Netherlands Renegotiates Double Taxation Agreement With Nigeria

3 days ago
FIRS, AFRITAC West 2 Deepen Collaboration On Taxpayer Services, Digital Reforms
News

FIRS, AFRITAC West 2 Deepen Collaboration On Taxpayer Services, Digital Reforms

3 days ago
Next Post
dollar

Firm To Introduce $1m Dollar Fixed Income Fund

Most Recent

Where Is The Fighting Ground Of Fintech Firms?

Where Is The Fighting Ground Of Fintech Firms?

July 14, 2025
FIFA Opens Office In Trump Tower

FIFA Opens Office In Trump Tower

July 14, 2025
Delta Gears Up For Groundbreaking CNS Swimming Championship

Delta Gears Up For Groundbreaking CNS Swimming Championship

July 14, 2025
Jeremiah, Sani-Inabo Advance To VEMP Doubles Quarterfinals

Jeremiah, Sani-Inabo Advance To VEMP Doubles Quarterfinals

July 14, 2025
WAFCON 2024: Super Falcons Battle Botswana, Eye Quarter-Final Spot

WAFCON 2024: Super Falcons Battle Botswana, Eye Quarter-Final Spot

July 14, 2025
Between Depleting Workforce And Declining Productivity

Between Depleting Workforce And Declining Productivity

July 14, 2025
Driving Aviation Growth Through Regional Collaboration

Driving Aviation Growth Through Regional Collaboration

July 14, 2025
PalmPay Targets 35m People With Digital Insurance Services

PalmPay Targets 35m People With Digital Insurance Services

July 14, 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