During its 45th Annual General Meeting in Lagos, CANMPEF President Mr. Devakumar Edwin expressed concerns about the numerous challenges faced by the Chemical and Non-Metallic Industry over the past year.
He stated, “Looking back, many of the sector's difficulties have accumulated over time, including unreliable power supply, currency fluctuations, inflation, insecurity, excessive taxation, and insufficient infrastructure. The government's policies, particularly the removal of the petrol subsidy and the floating of the Naira, have intensified the strain on industrial operations.”
Edwin emphasized, “Despite these challenges, Nigeria’s manufacturing sector remains committed to enduring. Our members are implementing strategies such as efficient resource allocation and re-evaluating growth plans to remain viable. The resilience demonstrated by Nigeria’s industrial stakeholders is admirable; however, timely long-term solutions are essential for us to thrive rather than merely survive.”
He remarked, “For the manufacturing sector to achieve its full potential, government intervention is essential. If manufacturing is prioritized as a strategic sector capable of driving economic transformation, Nigeria can secure its place among industrialized nations.”
“To realize the potential of Nigeria’s manufacturing sector, the government must focus on safeguarding local production. Immediate attention is required, which can be facilitated through policies that foster growth, investment, and innovation. By providing tax relief and eliminating tariffs on crucial agricultural and manufacturing inputs, the government can lower operational costs and stimulate growth,” he concluded.