The Manufacturers Association of Nigeria (MAN), emphasized the importance of prioritizing non-oil exports to drive economic growth and stabilize the nation’s economy.
This call was made during the 36th Annual General Meeting of the MAN Anambra/Ebonyi/Enugu Chapter, held in Enugu on Thursday.
In her address, MAN Chairperson Ada Chukwudozie highlighted the urgent need to diversify Nigeria’s economy from its heavy reliance on crude oil exports.
She noted that a shift toward manufacturing-driven non-oil export initiatives would enhance foreign exchange earnings, reduce trade deficits, and foster economic stability.
Chukwudozie underscored the volatile global economic environment, citing factors such as the COVID-19 pandemic, geopolitical tensions, technological advancements, and climate change as significant influences.
She urged Nigeria to adapt to these changes by embracing non-oil exports to strengthen the GDP and build resilience.
“The business environment is increasingly volatile, uncertain, complex, and ambiguous (VUCA), shaped by geopolitical tensions, technological disruptions, and evolving customer demands.
Here in Nigeria, our dependence on crude oil has left the economy vulnerable, especially with declining production due to insecurity and other challenges,” she said.
She further explained that recent economic policies, including the deregulation of the energy sector and adjustments in monetary policies, have devalued the currency and heightened inflation, underscoring the need for diversification.
“These challenges justify the need for manufacturing-driven non-oil export initiatives, particularly for businesses in the manufacturing sector,” she added.
Chukwudozie called on manufacturers and organizations to adopt innovative strategies, embrace emerging technologies, and challenge traditional assumptions to remain competitive in a rapidly changing global market.
Keystone Bank Managing Director, Hassan Imam, also spoke at the event, stressing the importance of collaboration between the government, manufacturers, and financial institutions to improve the manufacturing landscape.
“Targeted government policies, better access to finance, and improved infrastructure are critical to fostering growth in the manufacturing sector,” Imam stated.
Chief Martin Agbaso, a Lagos-based businessman and chairman of the occasion, advised manufacturers to focus on exporting finished products rather than raw materials, emphasizing the need to add more value to Nigerian exports.
The AGM provided a platform for stakeholders to discuss strategies for boosting non-oil exports and building a more diversified and resilient economy.
