Despite having the ability to lift millions of people out of poverty by creating jobs and riches, Nigeria’s manufacturing sector is plagued by serious issues that have impeded the industrialization of Africa’s largest economy.
Manufacturing in the nation has been struggling for years and gasping for air as a result of issues such a lack of foreign currency, high borrowing rates, poor infrastructure, inconsistent policy, and uncertainty.
Building competitive manufacturing is the quickest method for a nation to climb the productivity ladder and enhance living standards, according to studies of Asian economic success stories, including Vietnam, Malaysia, Bangladesh, Singapore, and others.
In the most populous country in Africa, successive governments have attempted to increase domestic manufacturing on a number of occasions without creating the favorable conditions necessary for industrialization.
Nigeria may learn from Asia’s industrial growth in terms of how to better the economic lifestyle of its 200 million residents, whose living standards have declined recently.
According to Segun Ajayi-Kadir, director-general of the Manufacturers Association of Nigeria (MAN), improving living conditions and maintaining the economy in Nigeria depend on the manufacturing sector expanding.
He claimed that by investing in capital and expertise, export-oriented manufacturing forces regional businesses to compete on a global scale and eventually boost productivity.
He claimed that manufacturing was still the most dependable and durable route to inclusive growth, steady industrialization, and progress.
To encourage entrepreneurs to invest, he went on to say that governments at all levels must play a part by creating an atmosphere that is conducive to doing so, as well as by building roads, supplying electricity, and funding programs for literate workers.
Nigeria may learn from Asia’s industrial growth in terms of how to better the economic lifestyle of its 200 million residents, whose living standards have declined recently.
