By Gabriella Ogbu
As Nigeria seeks to diversify its economy and reduce its reliance on oil, the Manufacturers Association of Nigeria (MAN) has called for a concerted push toward non-oil exports to drive sustainable growth.
The appeal was made at the 36th Annual General Meeting of the MAN’s Anambra/Ebonyi/Enugu chapter in Enugu on Thursday.
MAN Chairman, Ada Chukwudozie, highlighted that focusing on the non-oil sector is essential for increasing foreign exchange earnings and securing long-term economic stability.
She stressed that Nigeria’s economy must adapt to global shifts, including the effects of COVID-19, climate change, and technological advancements, which are reshaping the world’s economic landscape.
“The global economy is in flux, and Nigeria must act decisively to lessen its dependency on oil exports,” Chukwudozie said. “Investing in manufacturing and diversifying our exports will not only stabilize our foreign reserves but also foster economic growth.”
She noted that factors like insecurity, declining oil production, and rising inflation have exposed the vulnerabilities of an oil-dependent economy.
Chukwudozie emphasized the importance of innovation and investment in emerging technologies, urging manufacturers to be agile and resilient in navigating a rapidly changing business environment.
The call for action was echoed by Hassan Imam, Managing Director of Keystone Bank, who advocated for greater collaboration between the government, financial institutions, and manufacturers to improve access to finance, infrastructure, and policy support.
Chief Martin Agbaso, the event’s chairman, also urged manufacturers to focus on adding value to finished products for export rather than relying solely on raw materials.
This collective push for non-oil export development aims to usher in a new era of economic growth and resilience for Nigeria.
