the manufacturing industry from flourishing,” he added.

 

The industrialist gave other reasons for the woes in the sector as incessant increase in the price of petroleum pro usatimes.cc ducts used by industries, multiple taxation, unabated smuggling and inadequate access to finance, both local and abroad.

He said widespread insecurity and the inability of government agencies in the ports to meet their 24-hour target, for cargo usanews.cc clearance, have contributed to the dwindling fortunes in the manufacturing sector.

Government efforts inadequate
The NACCIMA president, whose speech was delivered by the Vice President of the associat news ion, Mary Iyasere, described current government policies to revive the manufacturing industry as inadequate.

“For instance, in May 2010, the government announced a 1.3 billion-dollar fund to help banks extend credit to the manufacturing sector following the decline in available finance after the global economic crisis had set in.
“Notwithstanding this positive development arising from the reform process, the Nigerian economy, especially the manufacturing sector is still confronted by serious challenges, structural imbalance and lack of diversification,” he said.
“The current government policies targeted at the real sector (manufacturing) are also inadequate and preventing the manufacturing industry from flourishing,” he added.

The way forward

On the way forward, Mr. Ajayi stressed the need for the organised private sector to support the government’s efforts to revitalise the sector through the much-canvassed public private partnership.

He also called for more transparency in the ongoing government-led privatisation exercise of public enterprises.
Quoting statistics from the Bureau of Public Enterprises (BPE), Mr. Ajayi said between 1999 and 2011, a total of 121 firms were privatised or commercialised, with about N250 billion realised from their sale.

“It was also reported that 81 of the privatised firms were operating at about 66 per cent and 41 at 34 per cent performance level,” he added.

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