LAGOS, Nigeria (VOICE OF NAIJA) – The Chief Executive Officer of BAMIB Resources & Investments Company Limited, Muideen Ibrahim, has issued a compelling appeal to the Federal Government, stating the ways of reviving the sector and urging immediate action is to declare a state of emergency in Nigeria’s manufacturing sector.
Speaking to the News Agency of Nigeria (NAN) in Lagos on Tuesday, Ibrahim emphasized the critical need for government intervention to address these challenges. He stressed that a state of emergency declaration would be instrumental in completely overhauling the sector, thereby significantly boosting the country’s Gross Domestic Product (GDP).
Ibrahim’s plea comes amidst a myriad of challenges faced by manufacturers, including erratic power supply, double taxation, inadequate government support, poor regulatory frameworks, and low demand for products and services.
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He urged the government to prioritize the restoration of stable electricity, citing the closure of numerous manufacturing facilities due to power outages.
Additionally, Ibrahim expressed concerns over the exorbitant cost of diesel, further exacerbating the industry’s woes.
Furthermore, Ibrahim proposed government support in the form of interventions, incentives, and infrastructure development tailored to bolstering manufacturing activities.
He advocated for the establishment of technology incubation hubs across local government areas and state capitals to foster innovation and growth within the sector.
In addition to declaring a state of emergency, Ibrahim urged the swift creation of a dedicated Ministry of Small and Medium Enterprises (SMEs) to provide targeted support to these vital contributors to the economy.
He emphasized the pivotal role SMEs play in job creation and economic development, citing successful models in other nations.
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Lastly, Ibrahim called for regular roundtable discussions between government officials and manufacturers to address pertinent issues and foster collaboration towards sustainable solutions.
The appeal from industry stakeholders like Ibrahim underscores the urgent need for decisive government action to rejuvenate the manufacturing sector and stimulate economic growth in Nigeria.
(NAN)