FG Moves to Revive Manufacturing Sector with New Work Group
The Federal Government has announced plans to establish an industrial revolution work group aimed at revitalizing the manufacturing sector.
This move is expected to place the sector on the path of sustainable growth, create more jobs, and enhance economic growth and development .
According to the Minister of State for Industry, Sen. John Enoh, the work group will be chaired by himself and will include the Organised Private Sector (OPS) chairman, as well as other key players.
The group will meet quarterly with stakeholders to evaluate performance and identify challenges facing the industry.
Enoh emphasized the need for deliberate inter-ministerial collaboration to achieve progress in the industry.
He also stated that legislative review and regulatory reforms would be looked into to facilitate ease of doing business in Nigeria .
The President of the Manufacturers Association of Nigeria (MAN), Chief Francis Meshioye, welcomed the initiative, stating that strategic collaboration with the sector would facilitate performance improvement in the industrial sector.
He, however, noted that there were challenges that needed to be addressed, including the lackluster performance of the industrial sector over the years .
The Director-General of MAN, Mr Segun Ajayi-Kadir, urged the Federal Government to provide equity funds to micro, small, and medium enterprises, increase infrastructure provision, and prioritize allocation of foreign exchange to manufacturers. He also called for a review of the timeframe for backward integration of crops and minerals, and a strategic approach to tackling security challenges .
The establishment of the work group is a positive step towards reviving the manufacturing sector, which has faced numerous challenges in recent years. With the collaboration of stakeholders and the implementation of effective policies, the sector can be placed on the path of sustainable growth, creating more jobs and enhancing economic growth and development.
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