How to sustain manufacturing sector’s growth, by NACCIMA
Despite the improvement in the manufacturing sector’s Purchasing Managers’ Index (PMI) in 2018, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) through its National President, Iyalode Alaba Lawson, has advocated improved infrastructure, and power supply, to sustain the growth of the manufacturing sector.
According to the chamber, businesses cannot thrive in an environment that is not conducive or one with increasing insecurity.
Lawson charged government across all levels to tackle infrastructure deficit especially in the areas of electricity, water and waste disposal, adding that significant progress in these areas are needed to remove current constrains on industrial and agricultural production.
Similarly, the Chamber attributed the slow growth in the agricultural sector to challenges arising from poor road infrastructure and difficulties on ease of doing business and acquisition of land.
Lawson, during the association’s end of the year media briefing, also stated that the rise in Unemployment from 18.8% in 2017 to 23.1% in 2018 underscores the need for intensified innovative policy actions to combat unemployment
While reviewing the performance of agriculture in the economy in the last year, she said, “The contribution of the agriculture sector to the Gross Domestic Product has remained consistent.”
Citing the National Bureau of Statistics’ GDP report for the third quarter, the NACCIMA president noted that the agriculture sector contributed 29.25 per cent to GDP, adding, “This is consistent with the sector’s 29.22 per cent contribution to GDP in Quarter 3, 2017.”
She added, “However, the growth of the agriculture sector has slowed to 1.91 per cent from 3.06 per cent a year before. NACCIMA is pleased to note the unfolding agricultural revolution and renewed interest in the nation’s agriculture sector.
“To improve the performance of the agriculture sector, more is required in the areas of research, financing for farmers, infrastructure, technology, logistics, quality and standard management.”
On industries, Lawson remarked that the contribution of that sector to the GDP had declined slightly from 24 per cent in the first quarter to 21.97 per cent in the third quarter.
The NACCIMA president however debunked media reports that had credited the association with the news that 800 companies shut down under the current President Muhammadu Buhari-led administration.
She said, “The story was attributed to Dr Hebert Ajayi, a past President of NACCIMA, while he was speaking at the RMFAC Zonal Workshop in Asaba on Tuesday, December 18.
“It has since been proved that the story was a 2012 publication that was recycled and doctored.
“It was a news item reporting the workshop held in Asaba in 2012 and analysing the state of the industry between 2009-2011, when Ajayi was president of NACCIMA.”
She added, “Let me be clear, NACCIMA, in recent times did not make any such statement. We have of course since reacted to the story to correct the misleading impression it created.”
No comments yet