MAN seeks improved focus on non-oil exports to save economy

The Manufacturers Association of Nigeria (MAN) has canvassed an improved focus on non-oil exports to transform Nigeria’s economy for sustainable economic growth and development.

Speaking at the 36th Annual General Meeting (AGM) of the MAN Anambra/Ebonyi/Enugu chapter in Enugu, with the theme: “Revitalising Nigeria’s economy through manufacturing and non-oil export,” its Chapter Chairman, Lady Ada Chukwudozie, expressed belief that while the global landscape is shifting rapidly, investments into the non-oil sector have the capacity to improve the nation’s foreign exchange earnings and save the economy.

She said: “Globally, we live in a world where change is the only thing constant. The global landscape is shifting rapidly, from globalization to a new era of complexity. The world is yet to recover from the COVID pandemic shocks and the disruption of geopolitical tensions, the Russia-Ukrainian War, the Israeli-Hamas war, proxy wars driven by politics, but behind the politics is commercial interest, climate change, advancements in technology, and resultant macroeconomic inflationary consequences.

“The business environment is increasingly volatile, uncertain, complex, and ambiguous (VUCA), driven by geopolitical tensions, technological disruptions, and evolving customer demands.

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“Here in Nigeria, our economy has depended heavily on crude oil export for its foreign exchange earnings. With dwindling production of crude oil largely due to insecurity and other factors, the foreign reserve has not been able to sustain the pressure on the dollar due to trade deficits and the minting of more money through ways and means, which has impacted the inflation rate.

“However, the recent deregulation of the energy sector has hit an all-time high, with high interest rates in response to the high MPR rates, as the government keeps trying to adjust the monetary policies to control inflation. This has resulted in the currency being devalued. These challenges fully justify divestments into manufacturing-driven non-oil exports initiatives, especially for businesses in the manufacturing sector,” she said.

She called on manufacturers and organisations to be agile, resilient, and forward-thinking, adapt and innovate to stay ahead, adding that they must be willing to challenge assumptions, experiment with new ideas, and invest in emerging technologies.

The Managing Director of Keystone Bank, Hassan Imam, called for collaboration between the government, manufacturers, and financial institutions to improve the situation of the country.

“Through initiatives such as targeted government policies, better access to finance, and infrastructure improvements, we can create an environment conducive to growth in manufacturing,” he said.

The Chairman of the occasion and Lagos-based businessman, Chief Martin Agbaso, advised manufacturers to add more value by exporting finished products rather than rushing to export only raw materials.

He said that MAN must rise to the challenge of rescuing the country, especially with the rising economic difficulties.

“Nigeria is at a crossroads. The economy is terribly bad. We have sunk way beyond what we had during the structural adjustment programme. But we have nothing to produce and export at the moment. We speak the biggest grammar in Nigeria but are too lazy to think of how to make money. We must find the best steps to salvage our country,” he said.