Industrialist tasks government on revitalisation of real sector

The Chairman of Meyer Plc., Kayode Falowo, has urged the Federal Government to take pragmatic steps in the address of nagging issues confronting the manufacturing industry.

Falowo, who spoke at the fifth edition of PROPAK West Africa exhibition held in Victoria Island Lagos, yesterday said infrastructural challenges such as, electricity and roads must be resolved to drive increased capacity utilization and productivity.

The chairman, who was represented by his Managing Director, Mr. Bamidele Akinlola, said if the sector is supported with the appropriate policies, it would attracts foreign capital and therefore contribute significantly to the nation’s Gross Domestic Product (GDP).

He said: “Manufacturing contribution to GDP currently stands at about 9 percent compared to India 17 percent, China 36 percent, Thailand 35 percent and Kenya 11 percent. This shows the huge potential for growth in the manufacturing sector. Current capacity utilization, hovering about 45 percent can be improved to about 70 percent with its attendant benefits to the economy.

“These figures simply show us that the manufacturing industry in Nigeria if supported with the appropriate policies will grow into a giant capable of attracting foreign capital and contributing significantly to our GDP.

“To the advantage of this industry, let me remind you that Nigeria is endowed adequately with almost all resources needed to put the manufacturing sector at the fore front of competition and open new frontiers on the global platform capable enough to attract ongoing investment for the sector.”

Falowo then urged the government to continue to formulate monetary and fiscal policies that would stimulate growth in the sector and encourage more investments through attractive incentives.

“Becoming a player in this industry will be a wise investment as the industry will experience progressive boom in the coming years. There is prospect for growth in this sector and the signs are all around us,” he said.

In his part, Event Director, Afrocet Montgomery, George Pearson, said, “whilst the economic climate here in Nigeria still has some way to go, the outlook in comparison to twelve months ago has vastly improved and it is the manufacturing sector in particular which is driving growth back into the economy.”

Also speaking, Sales Person Export Responsible, Toyo Ink, Turkey, Engin Agan disclosed that the Turkish government is partnering with the Nigerian government to boost the nation’s economy.

“Nigeria is one of the biggest target markets for Turkey Toyo printing inks, that is why Japanese people want to expand in all African countries like Morocco, Algeria, Tunisia and South Africa. Our purpose is to get to know the market and analyze it. Particularly we are here to, know the expectations of the people and we believe that this exhibition would afford us the privilege.

“We are establishing a company in this country to meet the demands of the people. We happy this exhibition is held in such a beautiful, peaceful and hospitable country.”