The federal government has been urged by the Manufacturers Association of Nigeria (MAN) to establish a robust industrial policy that can steer the country’s industrial development. This plea arises as Nigeria faces ongoing economic difficulties, leading important stakeholders to advocate for targeted actions that will support economic revival and advancement. During a recent forum organised to celebrate Nigeria’s 64th Independence Day, under the theme “Nigeria’s challenging economy: Strategies for recovery”, Segun Ajayi-Kadir, the Director General of MAN, highlighted the critical importance of establishing a strong industrial policy.
This policy would create an essential structure to enhance and synchronise the nation’s industrial growth strategies, enabling crucial sectors to collaborate effectively for optimal results. Ajayi-Kadir emphasised that the absence of a unified industrial strategy has resulted in unpredictability and inconsistencies within Nigeria’s economy, especially harming the Manufacturing industry. He highlighted that industries struggle to succeed without a defined roadmap from the government, complicating long-term business planning. He emphasised the significance of policy collaboration, stating that uncertainty about what tomorrow holds is not an option.
Economic strategies should not be turned into political tools.
It is essential to determine the future direction and steer their activities. A significant concern highlighted by the MAN DG is the importance of improved cooperation among vital government departments, including the Ministry of Industry, Trade, and Investment, the Ministry of Finance, and the Central Bank of Nigeria (CBN). Ajayi-Kadir asserts that harmonising the actions of these ministries within a cohesive industrial policy will enhance decision-making processes and propel the industrial sector towards sustainable development.
Also, he encouraged the administration to refrain from turning economic strategies into political tools, stressing that economic decisions ought to focus on long-term goals rather than immediate political interests. According to him, a thoughtful and unified strategy would establish clear goals, quantifiable outcomes, and accountability systems to guarantee alignment between the government and various industries. There should be repercussions for public officials who create regulations that damage enterprises. He expressed his concerns regarding certain policies that have been enacted without adequate evaluation of their lasting implications for the industrial sector.
More careful and strategic government planning is essential.
He noted with regret that numerous companies have suffered due to fluctuating government policies, which can be overturned without responsibility. A policy is introduced today, leading to turmoil for the industry, yet the government just alters it and moves on. The demand for responsibility highlights an increasing worry among industry executives regarding the absence of accountability from policymakers whose choices result in economic downturns. In the private sector, misguided decisions can lead to disastrous outcomes for companies, and Ajayi-Kadir asserts that public officials must be subjected to identical standards.
Enhanced supervision and repercussions for ineffective policies are needed as this would promote more careful and strategic government planning. According to MAN, creating a comprehensive industrial policy would deliver essential guidance and focus for manufacturers while aiding Nigeria in reaching its industrialisation objectives. This plan would serve as a blueprint for the country’s industrial landscape, tackling key challenges, including infrastructure, taxation, credit availability, and innovation. Consequently, this would foster a more conducive atmosphere for companies to flourish, leading to eventual economic revitalisation and expansion.
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Lastly, the critical necessity for the government to implement a more strategic strategy for industrial growth was underscored. By promoting enhanced cooperation among government departments, ensuring that policymakers are held responsible for their decisions, and creating a definitive industrial policy, Nigeria can lay the foundation for a stronger and more enduring manufacturing industry. Not only will this aid in revitalising the Economy of the nation, but it will also establish Nigeria as a strong contender in the global industrial arena.