NBCC call for incentives to enhance Nigeria’s manufacturing sector

The Nigerian-British Chamber of Commerce (NBCC) has called for more incentives to enhance Nigeria’s manufacturing sector.

NBCC President, Ray Atelly, made the call at a news conference in Lagos on Tuesday.

Mr Atelly said the move would help to further create jobs, lift people out of poverty and engender socio-economic growth.

Since its inception in 1977, NBCC has promoted trade and investment between Nigeria and Britain.

The chamber said it is committed to building the profile and performance of its members spanning all the various sectors in Nigeria.

Speaking on Tuesday, Mr Atelly said that a survey conducted by the chamber indicated some critical issues experienced by businesses and manufacturers in Nigeria.

He listed them to include insecurity, inflation, the Naira exchange rate, floatation of the Naira, unending tax audits, multiplicity of taxes, too frequent changes in government policies, cost of governance, cyber security concerns, and others.

Mr Atelly explained that low manufacturing incentives, frequent loss of skilled workers, inadequate protection for local industries, low patronage capacity, and the absence of consumer credit also affected business and manufacturing competitiveness.

He further explained that the country must provide better incentives that address key components of manufacturing such as adequate power supply and access to raw materials and machinery for production.

“It is very important to begin to provide protection for Nigerian products and produce and address the influx of substandard items competing with made-in-Nigeria goods across the country. We must let them have preferential access to loans and finances that help them with procurement of vital components for manufacturing,” Mr Atelly said.

“Every challenge has a solution. We are more interested in the solutions than in the lamentation that is only time-consuming and finger-pointing but serves no viable purpose.

“Whatever the solution, we believe that the government must act with urgency like never before and we reiterate that the time to act is now,” he added.

He emphasised the need to stop handing out cash to individuals as palliative when they can be trained to become more productive.

He said the NBCC, as part of its efforts to drive investments in women and youth, has introduced a non-governmental organisation called the Women and Youth Entrepreneurship Development Centre.

He noted that the initiative would be launched in April and called for support from nations across the commonwealth to drive the NGO to achieve its mandate of skill empowerment and economic development.

“It is time to truly invest in our youths and increase their participation in economic activities beyond peripheral roles and borderline operations.

“It is time to produce. Let us produce with rudimentary tools and upscale as we go along. But produce, all the same. Produce as a national policy and flood our markets with made-in-Nigeria manufactured goods,” he said.

The Nigerian-British Chamber of Commerce (NBCC) has called for more incentives to enhance Nigeria’s manufacturing sector.

NBCC President, Ray Atelly, made the call at a news conference in Lagos on Tuesday.

Mr Atelly said the move would help to further create jobs, lift people out of poverty and engender socio-economic growth.

Since its inception in 1977, NBCC has promoted trade and investment between Nigeria and Britain.

The chamber said it is committed to building the profile and performance of its members spanning all the various sectors in Nigeria.

Speaking on Tuesday, Mr Atelly said that a survey conducted by the chamber indicated some critical issues experienced by businesses and manufacturers in Nigeria.

He listed them to include insecurity, inflation, the Naira exchange rate, floatation of the Naira, unending tax audits, multiplicity of taxes, too frequent changes in government policies, cost of governance, cyber security concerns, and others.

Mr Atelly explained that low manufacturing incentives, frequent loss of skilled workers, inadequate protection for local industries, low patronage capacity, and the absence of consumer credit also affected business and manufacturing competitiveness.

He further explained that the country must provide better incentives that address key components of manufacturing such as adequate power supply and access to raw materials and machinery for production.

“It is very important to begin to provide protection for Nigerian products and produce and address the influx of substandard items competing with made-in-Nigeria goods across the country. We must let them have preferential access to loans and finances that help them with procurement of vital components for manufacturing,” Mr Atelly said.

“Every challenge has a solution. We are more interested in the solutions than in the lamentation that is only time-consuming and finger-pointing but serves no viable purpose.

“Whatever the solution, we believe that the government must act with urgency like never before and we reiterate that the time to act is now,” he added.

He emphasised the need to stop handing out cash to individuals as palliative when they can be trained to become more productive.

He said the NBCC, as part of its efforts to drive investments in women and youth, has introduced a non-governmental organisation called the Women and Youth Entrepreneurship Development Centre.

He noted that the initiative would be launched in April and called for support from nations across the commonwealth to drive the NGO to achieve its mandate of skill empowerment and economic development.

“It is time to truly invest in our youths and increase their participation in economic activities beyond peripheral roles and borderline operations.

“It is time to produce. Let us produce with rudimentary tools and upscale as we go along. But produce, all the same. Produce as a national policy and flood our markets with made-in-Nigeria manufactured goods,” he said.