The quest of having Nigeria included in the league of BRICS countries will remain a mirage without a virile productive sector.
The out-going chairman, Manufactucturers Association of Nigeria, MAN Apapa branch, Mr. John Aluya, made the remark at the association’s 42nd Annual General Meeting in Lagos.
He said that the ambition will only be achieved through diversification of the economy.
In his words, “As it appears, there is growing clamour to add Nigeria amongst the BRISC league of developing economies (Brazil, Russia, India, China and South Africa) to read BRINCS (Brazil, Russia, India, Nigeria, China and South Africa).
“This can be achieved through the diversification of the economy by re-invigorating established sectors such as the manufacturing sector as no nation can be said to be developing without a strong and virile manufacturing base.” “It is critical to state that adopting ssome strategies for achieving a sustainable growth of the manufacturing sector may require massive investment in the critical power and energy sector, which is on-going, if we are to join the league of emerging economies of the world.
“There is also a great need to invest massively in human capacity development of indigenous technology and local raw materials extraction and processing. Among others, adequate security to protect investment, good regulatory system, eliminating inconsistency in government policies, eliminating multiple taxation and extortion, as well as the payment of unofficial fees for public services, streamline and harmonise our tax administration system and review our investment laws in a manner that would facilitate expatriate quota processing,” he added.
He stated that the federal governemt must adopt measures to bring down interest rate to single digit as high interest rates stifle the survival and profitability of all manufacturers.
He opined that having identified the manufacturing sector as the driver for economic growth, wealth creation and employment, it must be accorded its due regard and priority in the scheme of things.