By Elvis Eromosele
The manufacturing industry is
crucial to a nation’s economy. It plays a significant role in generating
employment, increasing productivity and driving economic growth. In Nigeria,
the manufacturing industry is a critical sector that contributes significantly
to the country’s gross domestic product, GDP, through job creation, wealth
creation, and increased tax revenue for the government.
It has equally been identified
as a key sector in the nation’s quest for diversification away from oil
dependency. It can enable a country to reduce its reliance on imports, improve
its trade balance, and increase its overall competitiveness. Manufacturing is
almost all things good. Unfortunately, the nation’s manufacturing
industry has long struggled with a host of challenges that have prevented it
from achieving its full potential. Some of these challenges have intensified in
the last decade.