Pencil manufacturer Muideen Ibrahim has urged the Federal Government to promptly declare a state of emergency in the manufacturing sector to revitalize the economy. Ibrahim, who serves as the Chief Executive Officer (CEO) of BAMIB Resources & Investments Company Limited, conveyed his appeal during an interview with the News Agency of Nigeria (NAN) in Lagos on Tuesday.
Highlighting the myriad challenges faced by manufacturers, Ibrahim cited issues such as erratic power supply, double taxation, government inefficiencies, poor regulatory frameworks, and low product demand. He emphasized that declaring a state of emergency would be instrumental in revitalizing the sector, ultimately leading to substantial contributions to the country’s Gross Domestic Product (GDP).
Proposing practical solutions, Ibrahim suggested that the government could support manufacturers by creating an enabling environment, implementing effective policies, and providing interventions and incentives to facilitate manufacturing growth. He underscored the critical importance of reliable power supply for manufacturing operations and urged urgent action to address power challenges.
In addition, Ibrahim recommended the establishment of technology incubation hubs across local government areas and state capitals to foster innovation and development in the manufacturing sector. He also called for the urgent creation of a dedicated Ministry of Small and Medium Enterprises (SMEs) to provide targeted support for SME growth, stressing their crucial role in job creation.
Furthermore, the CEO urged the government to engage in regular roundtable discussions with manufacturers to address industry concerns and foster collaboration for sectoral growth. These proactive measures, he emphasized, are essential for overcoming challenges and driving sustainable economic growth in Nigeria.
Credit: News Agency of Nigeria (NAN) Text Excluding Headlines
