The NSE also urged the FG to provide incentives for innovation, and infrastructural upgrades and ensure consistency in policies to foster an enabling environment for manufacturing growth.
This NSE identified infrastructural limitations, limited access to funds, technology, innovation and skill gaps, policy inconsistencies, regulatory hurdles, and global market dynamics as the seven challenges inhibiting the growth of the sector.
The society in a communique derived from discussions and symposium during the just concluded National Engineering Conference, Exhibition, and Annual General Meeting, also observed the challenges associated with accessing funding (high-interest rates, stringent collateral, administrative bottlenecks, etc.), multiple taxes, instability in foreign exchange, as factors among others that hindered growth and investment.
Reading the communique on Friday in Abuja, the president of the society, Tasiu Wudil, highlighted the need to reduce the gross deficit in skilled labour to meet the demands of re-engineering the manufacturing sector, promoting competitiveness, and enhancing economic growth.
He lamented that the existing policy framework affects the re-engineering of the manufacturing sector to enhance inclusive growth and competitiveness and called for a proper review.
Wudil said, “Nigerian manufacturing sector faces challenges including infrastructural limitations, limited access to funds, technology, innovation and skill gaps, policy inconsistencies, regulatory hurdles, and global market dynamics.
“The conference observed the significance of human capital development to achieve sustainable growth and development in any economy. It also noted the gross deficit in skilled labour to meet the demands of re-engineering the manufacturing sector, promoting competitiveness, and enhancing economic growth.
“It further recognised the transformative potential of Industry 4.0 and the need for increased investments in technology adoption, digitalisation and automation to enhance manufacturing efficiency and global competitiveness.
“Also, there is an imperative to integrate sustainable practices into manufacturing processes and embrace green technologies, circular economy principles, and eco-friendly production methods to address environmental concerns and meet global standards.”
Wudil, while acknowledging recent efforts of the government to rehabilitate the Ajaokuta Iron and Steel Complex, called for the involvement of the engineering body to accelerate the reactivation, rehabilitation, and modernisation to drive the much-needed industrialisation of the country.
