‘Manufacturing Contributes Only 4% To Nigeria’s GDP’
THE Director General of the Manufacturers Association of Nigeria (MAN), Mr. Remi Ogunmefun has stated that despite the challenging operating environment characterised by poor electricity supply, high borrowing cost, infrastructural inadequacies and rising foreign exchange rate, among others, the manufacturing sector contributes an average of four per cent to Nigeria’s GDP.
Ogunmefun stated this at the 2015 National Business Conference organised by Business Networking International (BNI) Nigeria.
The MAN DG, who was represented by Senior Manager Sectoral Department, Mr. Femi Gbadegun, decried the situation where intervention funds made available for the manufacturing either by the Central Bank of Nigeria (CBN) or Bank of Industry (BoI) are underutilised due to unrealistic collateral requirements from lending institutions.
He stated that unless this is addressed, the manufacturing sector would continue to underperform. To ameliorate this predicament, he called for the hastening up of the adoption of the movable collateral registry.
Also speaking, the National Director of BNI Nigeria, Mr. Chimaobi Agwu, stated that very few countries have succeeded in implementing sustainable strategies for sustainable Small and Medium Enterprises (SME) development.
While urging support from the large corporate as well as the various tiers of government, Agwu said “unless the sector is given the right support and enabling environment, we would continue to be an import dependent country for a very long time”.
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