ADVERTISEMENT
  • Privacy Policy
  • Terms
  • About us
  • Contact Us
Friday, December 8, 2023
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Don seeks reforms to improve manufacturing sector

Manufacturing

The Matters Press by The Matters Press
October 4, 2023
Reading Time: 2 mins read
0
3,000 manufacturers to attend global fair on industrial solution in Lagos

Lagos, Oct. 4, 2023 : Prof. Adeolu Adewuyi, says further development of Nigeria’s manufacturing sector is crucial to driving the production of value-added products and engendering the country’s competitiveness under the Africa Continental Free Trade Area (AfCFTA).

RELATED POSTS

Cardoso approves CBN’s reviewed service charter

NDIC to pay N16.18bn liquidation dividends of 20 failed banks

Equity market declines by N192bn

Adewuyi, Professor of Economics, University of Ibadan, said this at the Manufacturers Association of Nigeria Export Promotion Group(MANEG) 6th Annual General Meeting on Wednesday in Lagos.

The News Agency of Nigeria (NAN) reports that the event’s theme is :” Manufactured Products’ Competitiveness under the AfCFTA amidst Increasing High Cost of Production in Nigeria”.

He noted that no nation could attain a higher standard of living without considerably improving its manufacturing sector, while it propels economic growth and structural transformation.

He said an assessment of the performance of manufacturing sector showed the need for improvement to gain more shares than other countries in the African market.

Adewuyi said if Nigeria must benefit maximally from AfCFTA, policy makers and manufacturers must maintain price stability through stable exchange rate.

He said the country must encourage more oil production and export to boost inflow of foreign exchange and remove the leakages.

“Additionally, we must encourage massive inflow of foreign investment via good business environment and encourage production of raw materials, by boosting agricultural activities and research and development.

“There’s also the need to promote consumption of locally made goods to reduce import demand pressure in the foreign exchange market that leads to exchange rate depreciation,” he said.

The economist advocated the reengineering of specialised banks to provide finance for manufacturing at more affordable costs.

He added that there must be increased resource efficiency, access to electricity at affordable cost, intensification of renewable energy production and use, and more environmental friendly output and export.

In her remarks, Mrs Odiri Erewa- Meggison, Chairman, MANEG, said that since the COVID-19 pandemic, exporters struggled with reduced international demand coupled with domestic economic challenges.

Erewa-Meggison said the challenges included high and increasing exchange rates, high cost of energy, multiple levies and taxes.

Others are port congestion, unending insecurity, infrastructural deficiencies and smuggling, causing untold constraints to manufacturing operations.

She appealed to the Federal Government to reconsider the 34 deserving exporters that were stepped down by the 9th Assembly from participating in the Promissory Notes programmes.

“On the macroeconomic environment of the non-oil export business, I want to thank the Federal Executive Council for the approval of the 2017- 2020 EEG claims, which also include some of the 38 exporters that were exonerated by the 8th National Assembly.

“I also want to thank government for the efforts made so far to pay the backlog of EEG claims through the promissory note programme,” she said.

Tags: Manufacturing
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Cardoso approves CBN’s reviewed service charter
Economy/Technology

Cardoso approves CBN’s reviewed service charter

December 8, 2023
NDIC gives hope to customers of Fortis Bank
Economy/Technology

NDIC to pay N16.18bn liquidation dividends of 20 failed banks

December 8, 2023
Trading in Nigerian stock market dips further N83bn
Economy/Technology

Equity market declines by N192bn

December 8, 2023
Nigeria to allocate $200m for creation of agricultural service centres
Agriculture

FCTA, World Bank target 12,283 farmers for Fadama CARES grant

December 8, 2023
Nigeria emerges Africa biggest energy sector
Economy/Technology

Cross River, Oando sign MoU on wind energy

December 8, 2023
Senate probes $3.5b with NNPC
Economy/Technology

Senate calls for holistic approach for economic revival

December 8, 2023
Next Post
3,000 manufacturers to attend global fair on industrial solution in Lagos

Nigeria supports local manufacturers with N75bn in 2024

Nigeria to sanction violators of Expatriate Quota rules

Immigration office gets two-week timeline for passport issuance

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

NPA tasks arbitrators on speedy dispute resolution

NPA redeploys senior officials

April 9, 2022
What Adesina told Saka Momodu

What Adesina told Saka Momodu

January 13, 2020
RMRDC, varsity collaborates on cashew juice processing

Olam Food partners with cashew farmers on better yield

July 29, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • The Penis, its global culture

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Cardoso approves CBN’s reviewed service charter
  • NDIC to pay N16.18bn liquidation dividends of 20 failed banks
  • Equity market declines by N192bn

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2022 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2022 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us