Manufacturers, under the auspices of the Manufacturers Association of Nigeria(MAN) have lamented high interest rates that is affecting companies in the industrial sector, noting that, made-in-Nigeria goods would continue to be uncompetitive if interest rate remains at double figures.
Speaking on the sidelines of the opening ceremony of its 3-day Made-in-Nigeria exhibition, the president, MAN, Engr. Mansur Ahmed, said there is no where in the world where manufacturers borrow at 25 per cent to produce and be competitive at the same time, hence, calling on the federal government to formulate policies that would attract foreign direct investments into the sector while also encouraging local manufacturers to generate more employment opportunities.
“The policy environment is the first determinant of the success of our operations, if you have policies that promotes local production, such as the Executive orders, backward integration policies and initiatives in the agriculture sector that is being supported by the Central Bank of Nigeria (CBN), they are all good policies, but we need these policies to be sustained,” he said.
Cautioning federal government not to make policies contradictory policies that some will be helpful and others harmful to businesses, he added that, “so we need to encourage policies in the financial sector that will make credit more affordable and accessible. We also need to promote policies that makes foreign exchange more easy to access. We need to encourage those who generate foreign exchange to bring in more foreign exchange.”
He stated that the three-day exhibition is a demonstration of the capacity of the Nigerian manufacturing sector to produce what Nigeria can consume, maintaining that, what is left is for government and Nigerians to patronize made-in-Nigeria goods.
He assured that MAN and the sector as a whole will rise to the occasion and ensure that its builds on the existing capacities and continue to improve on the quality and competitiveness of its product.
He urged its members to take advantage of the opportunities created by the policies of the present administration and the emerging continental market to expand their investment, improve their manufacturing operations and the standard of their products.
Also speaking, the director general, MAN, Segun Ajayi-Kadir, said, despite the harsh business environment, manufacturers are resilient to continue production in the midst of unfair competition with smuggled and substandard goods.
He also called on the agencies of government charged with the implementation of Executive order 003 and 005 to sharpen their processes, saying, MDAs that do not comply should be held accountable for underperformance.
