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.
