‘Inconsistent policies hindering Nigeria’s industrial growth’ — News — The Guardian Nigeria News – Nigeria and World News

Experts have decried inconsistent policies and implementation, which they said have hindered Nigeria’s industrialisation drive and made it difficult for manufacturers to plan or make investment projects.

Speaking at the Lagos Chamber of Commerce and Industry (LCCI) industrial, export, and financial services groups symposium themed, ‘Industrial Symposium: Industries as the Catalyst for Growth and Economic Development.’

They said the country can only grow its economy when it adequately provides the right support to the real sector.

According to them, manufacturing, which ought to have stood as a pillar to reduce inflationary pressures by increasing domestic production, reducing imports and stabilising the naira, is in a coma, owing to the challenges limiting the sector.

LCCI president, Gabriel Idahosa, regretted that frequent policy changes, regulatory uncertainty and inconsistent enforcement of laws create an unstable business environment for manufacturers. He said industries require long-term planning and investment but are reluctant to make any commitments when policies shift unpredictably. He urged the government to prioritise creating a stable and predictable policy environment to attract domestic and foreign investments. He said by focusing on developing key sectors such as manufacturing, agriculture, and technology, Nigeria can overcome its current economic challenges and build a more prosperous future for all.

Corporate Affairs and Communications Director at Habanera Limited, Vivian Ikem, regretted the inconsistency in Nigeria’s business regulation and implementation. He said the country continuously reverses or abandons industrial policies mid-way which is eroding the gains that could have been obtained if they were consistent.

He noted that Nigeria continues to pay lip service to exports, failing to drive industrialisation owing to the lack of policies to support manufacturing and export.

According to him, the only known policy for export promotion in the country, the Export Expansion Grant, has remained ineffective owing to the government’s inability to clear the backlogs and continuous suspension of the initiative.

Group Executive Director, Export and International Trade, Dangote Cement, Sada Ladan-Baki, said most manufacturers are not even sure about the industrial policies in the country owing to inconsistencies. He said the country can only drive economic growth with sound industrial policies that must be consistent and backed by cheap credit. He urged the current administration to look at what worked for the country in the 60s and 70s that brought the growth Nigeria recorded in those periods that can be replicated.

Calling for the harmonisation of agencies to address the issue of overlapping regulatory functions, he noted that the country’s industrial growth cannot be achieved without a skilled workforce, urging the government to invest in education and vocational training to equip the labour force to meet the demands of a rapidly evolving industrial landscape.

Also, Managing Director, United Capital Investment Banking, Gbadebo Adenrele, noted that too much or too little regulation is bad for industries, stressing the need for balanced and consistent policies to drive growth.

In his address, Managing Director, Bank of Industry, Olasupo Olusi, said there is a lot of potential for industrial activities in the country which can be harnessed through collaborative efforts to build a robust ecosystem that nurtures and empowers industries.

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