The President of the African Development Bank (AfDB) Dr Akinwunmi Adesina has said that the lack of reliable electricity and congestion in Nigerian ports are snuffing the existence out of businesses in the manufacturing sector.
He spoke at the inaugural Adeola Odutola Lecture organised by the Manufacturers Association of Nigeria (MAN). He said, “Businesses importing goods to Nigeria have to contend with the Gestapo manner of securing seaports, as military personnel are posted there, together with the high congestion and different government agencies which have all contributed to breeding corruption.
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“Also, industries are leaving Nigeria for Ghana where the macroeconomics is stable and the roads are in good shape. In Nigeria, 90 per cent of goods and passengers use the roads but only 18 per cent are paved.”
Adesina also said the $30 trillion trade in Africa could not transform into economic wealth and growth as value-added goods are not exported, and called for diversification of sources of revenue.
President Muhammadu Buhari, in his address, stressed the importance of the manufacturing sector in reviving the fortunes of the economy.
The president, who was represented by the Secretary to the Government of the Federation (SGF), Boss Mustapha, assured more support to the agricultural, service and manufacturing sectors as they are important to the creation of jobs and economic prosperity.
The President of MAN, Engr. Mansur Ahmed, said Nigeria could achieve self-sufficient production when the manufacturing industry is supported with relevant policies.