SEE HOW NIGERIA'S PRESIDENT-ELECT BOLA TINUBU AIMS TO BOOST NIGERIA'S MANUFACTURING SECTOR

 Nigeria's manufacturing sector has been a topic of discussion for many years. The sector has been facing a lot of challenges, ranging from inadequate energy supply to poor funding. 

However, the President-elect, Bola Tinubu, has promised to revive the sector and transform it into a vibrant and competitive industry. 

KEY POINTS:

• Nigeria's manufacturing sector's underperformance has become worrisome, and its contribution to the country's GDP is declining yearly
• The just concluded election left blood on the lips of many, to save this industry grievances must be set aside
• When Tinubu is sworn in, what does the future holds for this historic sector?

Background

That Nigeria's manufacturing sector has been underperforming for a long time is an understatement, the sector is on the brink of total annihilation. 

it is riddled with corruption, poor funding, a shortage of professionalism, and a lack of competitive industry policies to say the least.

According to the National Bureau of Statistics (NBS), the manufacturing sector's contribution to Nigeria's GDP in Q3 2021 was 9.17%, down from 9.76% in Q3 2020 from different manufacturing niches. This decline is a cause for concern, considering that the manufacturing sector has the potential to drive economic growth and development.

Nigeria did not make it to the top 5 of best manufacturing sectors in Sub-Saharan Africa according to the world bank even though we have the largest labor force in Africa.

Nigerian have mainly textile manufacturers, cement and building manufacturers, and the food and beverage industry. In Nigeria Auto manufacturing and chemical manufacturing takes a back seat.

Bola Tinubu's Plan

Bola Tinubu was declared the winner of the presidential election on March 1st, 2023, An election regarded as successful on many fronts and questionable on others.

At the end of the day what matters is the Nigerian country, every other concerned person must also work to see the country survive its current economic woes. 

Tinubu the president-elect has always been shown discussing his comprehensive plan to revive Nigeria's manufacturing sector. The following are some of the strategies he intends to implement:

1. Increase Government Support

Bola Tinubu believes that the government plays a significant role in supporting the manufacturing sector. He intends to increase government support by providing tax incentives to manufacturing companies. This will encourage more companies to invest in the sector and create more job opportunities.

2. Improve Infrastructure

The manufacturing sector requires adequate infrastructure, such as power supply, transportation, and communication. Bola Tinubu intends to improve infrastructure by investing in power generation, road construction, and upgrading communication networks. This will create an enabling environment for manufacturing companies to operate effectively.

3. Promote Research and Development

Research and development are critical for the growth of the manufacturing sector. Bola Tinubu intends to promote research and development by providing funding for research institutions and encouraging manufacturing companies to invest in research and development.

4. Increase Access to Funding

Access to funding has been a significant challenge for manufacturing companies in Nigeria. Bola Tinubu intends to address this challenge by creating a conducive environment for banks and other financial institutions to provide funding to manufacturing companies. He also plans to set up a special fund for the manufacturing sector to provide financial support to small and medium-sized enterprises (SMEs).

Benefits of Bola Tinubu's Plan

Bola Tinubu's plan to boost Nigeria's manufacturing sector has several benefits, including:

1. Job Creation

The manufacturing sector has the potential to create jobs, especially for the youth. Bola Tinubu's plan will encourage more manufacturing companies to invest in Nigeria, which will create more job opportunities for Nigerians.

2. Economic Growth

The manufacturing sector has the potential to drive economic growth and development. Bola Tinubu's plan will revive the sector and make it more vibrant and competitive, leading to economic growth and development.

3. Reduce Importation

Nigeria has been importing a lot of goods that it can produce locally. Bola Tinubu's plan will encourage more manufacturing companies to produce goods locally, reducing the country's dependence on imports.

What the future holds.

Bola Tinubu's plan to boost Nigeria's manufacturing sector is a step in the right direction. The manufacturing sector has the potential to drive economic growth and development, create job opportunities, and reduce importation. The government and other stakeholders must support Bola Tinubu's plan to ensure its successful implementation.

When all is said and done, Nigeria's economy will stand at the forefront of all others in Africa with a competitive manufacturing industry that will stand out in the world for many years to come.