FG urged to explore opportunities in non-metallic industry
02 October 2024 |
2:11 am
Stakeholders in the non-metallic and mineral products industry have urged the Federal Government to take its attention from oil exports and explore the numerous and untapped opportunities that abound in the non-metallic as well as mineral products sector.
Stakeholders in the non-metallic and mineral products industry have urged the Federal Government to take its attention from oil exports and explore the numerous and untapped opportunities that abound in the non-metallic as well as mineral products sector.
Speaking at the yearly general meeting of the non-metallic and mineral products sectoral group of the Manufacturers Association of Nigeria (MAN), which was held in Lagos, the group’s chairperson, Afam Mallinson Ukatu, said the theme, ‘Exploring New Frontiers: Maximising the Non-metallic Industry for Diversification’, speaks to the immense untapped opportunities within the sector.
Adding that innovation, technology and sustainability are key drivers of growth for the sector, he said the group was ready to play a pivotal role in Nigeria’s future development and drive transformation in the industry.
“Our sector is a critical contributor to national development and despite the various obstacles we face, ranging from infrastructure deficits and regulatory burdens to the threat of substandard imports, we remain resolute,” he said.
Guest speaker, the Founder/CEO of BAA Consult, Dr Biodun Adedipe, said Nigeria can diversify her FX earnings with foreign portfolio investments, diaspora remittances, improved foreign direct investments (FDI) and non-oil exports, which is where the non-oil metallic sector comes in.
He added that it would have been a great source of diversification away from the over-dependence on oil exports, create direct and indirect jobs and wealth, foster industrialisation and spur economic development.
He regretted that the sector is however plagued with many problems including inconsistent policies, overlapping responsibilities, unclear and confusing land tenure systems, poor environmental operations, inadequate and unreliable data, poor financing, heavy insecurity and illegal operations.
Urging the government to tackle leakages and revoke all illegal licenses, he recommended strengthened advocacy for the sector and intensified local beneficiation. Stressing on the latter, he said this is often where the country suffers as it tends to export raw materials in their raw state which often brings in very little returns.
He said local beneficiation can improve the price of these materials by as much as a thousand percent. He also recommended energised strategic partnerships, exploration of commodity exchanges and better government oversight of the entire natural minerals value chain.
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