Nigeria Democratic Congress (NDC) presidential candidate, Peter Obi, has urged governments at all levels to give greater support to local manufacturers, saying stronger industries will create more jobs, reduce poverty and improve the lives of ordinary Nigerians.
Obi made the appeal on Thursday after attending the inauguration of the new President of the Manufacturers Association of Nigeria (MAN), Dr. Eric Okoye, at the Oriental Hotel in Lagos.
The former Anambra State governor said Nigeria has enormous manufacturing potential but warned that poor policies and an unfriendly business environment have slowed the sector’s growth.
He said manufacturing currently contributes only about 7.5 per cent to Nigeria’s Gross Domestic Product (GDP), far below countries such as Egypt, Morocco, Indonesia, Bangladesh and Vietnam, which have built stronger industrial economies.
Obi said increasing investment in local production would not only create jobs for millions of Nigerians but also reduce the country’s dependence on imported goods and strengthen exports.
“We must therefore deliberately move from a consumption-driven economy to a productive economy, one that produces, creates jobs, adds value and competes successfully in the global market,” Obi said.
He added, “A stronger manufacturing sector will expand employment opportunities, strengthen our productive capacity, reduce our dependence on imports, increase exports, and improve the standard of living of our people.”
Obi congratulated Dr. Okoye and his newly elected executive team, expressing confidence that they would provide quality leadership for the association.
He also pledged to continue engaging manufacturers as part of efforts to build a more productive and prosperous Nigeria.
Economists have consistently identified manufacturing as one of the fastest ways to grow the economy because it creates jobs, supports local businesses, boosts exports and raises household incomes. Obi’s remarks come at a time when many manufacturers are battling high production costs, unstable power supply and foreign exchange challenges, issues many industry stakeholders say require urgent government intervention.