Power, ports congestion hampering manufacturing – Adesina | Dailytrust

Power, ports congestion hampering manufacturing – Adesina

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.

“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.

Dear Reader,
Every day, we work hard to provide readers such as you with the most accurate, up-to-date, and comprehensive information. Quality journalism costs money. Today, we're asking that you support us to do more. Your support means that Daily Trust can keep offering journalism to everyone in the world. Sign up for as little as N1,000 to become a member. Learn more about our membership here

Bank transfers can be made to:
Zenith Bank
Media Trust Ltd

Please send details of your bank transfer to the email or Whatsapp number below so that we can contact you.

If you have any questions, please let us know.

Email: membership@dailytrust.com
Whatsapp: +234 806 990 3410