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Manufacturing Sector in Peril: CANMPEF Urges Government to Declare State of Emergency.

Written by Agboola Oluwafemi on November 4, 2024

News Views: 206

The Chemical and Non-Metallic Products Employers Federation (CANMPEF) has implored the federal government to declare a state of emergency in the manufacturing sector, asserting that only direct governmental intervention can salvage the beleaguered industry.

During its 45th Annual General Meeting (AGM) held in Lagos, CANMPEF President Mr. Devakumar Edwin expressed deep concerns regarding the myriad challenges besieging the Chemical and Non-Metallic Industry throughout the past year.

He remarked, “In retrospect, many of the sector’s challenges have built up over time, from unreliable power supply, currency fluctuation, inflationary pressures, insecurity, multiple taxation to inadequate infrastructure.”

Edwin noted, “The government’s policies, particularly the removal of the petrol subsidy and the floating of the Naira, have compounded the pressure on industrial operations.”

Despite these formidable constraints, Edwin highlighted the tenacity of Nigeria’s manufacturing sector. He stated, “Our members continue to deploy measures such as effective resource allocation and rethinking growth strategies to stay afloat. The resilience of Nigeria’s industrial players is commendable; however, long-term solutions must be timely implemented if we are to thrive rather than just survive.”

He further asserted, “For the manufacturing sector to reach its full potential, government intervention is critical. If priority attention is given to manufacturing as a strategic value-adding sector, capable of driving economic transformation, then the country can earn its position among industrialized nations.”

“To unlock the potential of Nigeria’s manufacturing sector, the government must commit to the protection of local manufacturing,” he added.

“The sector requires immediate attention, and this can be achieved through policies that promote growth, investment, and innovation. The government can reduce operational costs and encourage growth by offering tax reliefs and removing tariffs on key agricultural and manufacturing inputs,” he concluded.