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Manufacturing, a major aspect of any nation’s economy, is a key driver of economic transformation and industrialisation, capable of generating employment, fostering intra-African trade, technological advancement and reducing poverty.Since the Africa Continental Free Trade Agreement , came into effect on January 1, 2021, not much trade has happened for different reasons.
At the third Adeola Odutola Lecture, which formed a part of the 51st Yearly General Meeting of the Manufacturers Association of Nigeria , former minister of industry, trade and investment, Olusegun Aganga, said low international freight costs, technology and unprecedented levels of information available over the Internet have transformed the world into a single accessible market and if Nigeria and the rest of Africa intend to compete on a global level with other players, they must develop an...
“Nigeria cannot afford to be left behind as it competes with leading importers and export-oriented African countries to meet the demands of consumers in Africa. Competitiveness drives productivity and will determine the long-term prospects of our economy. Investors go to China because it is cheaper to produce there and they know they can get world-class skills and technology, without paying too much. That is competitiveness.
The former minister also urged heavy development of the MSME sector, saying they are the primary drivers of employment and economic growth. “The last survey conducted by the NBS and SMEDAN in 2020 identified 40 million MSMEs, employing 76.5 per cent of Nigeria’s workforce, accounting for 49.78 per cent of the GDP and 7.64 per cent of exports. Nigeria’s 40 million MSMEs comprise 96.7 per cent of all businesses in Nigeria and 98.8 per cent of them are in the micro cadre.
Urging the government to declare the industrial sector a national priority sector and back it with plans, policies and funding, he said instead of defending the Naira that continues to fall, the government should invest in genuine manufacturers and exporters of high-value products that would earn the country FX. “The Naira will continue to be weak if Nigeria remains an import-dependent country and does not produce for local consumption and more importantly for export,” he said.
Kenya’s businesses poised for huge pan-African trade growth - empowered by African Continental Free Trade Area and Intra-African Trade Fair Nigeria and 174 other member states of the International Maritime Organisation have been urged to scale up concrete national policies, international commitment and technological developments to reach the five per cent maritime decarbonisation target by 2030.
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