Haboursandport.com: Lagos - The Manufacturers Association of Nigeria (MAN) has said that the cost of manufacturing shipment rose further to Q1 2024 by 22.16 percent from the 19.48 per cent recorded in Q4 2023.
The shipment costs were driven by policy inconsistency, poor infrastructure and high logistics costs associated with foreign exchange rates.
This was disclosed by Oluwasegun Osidipo, Director, of Research and Economic Policy at MAN, on the occasion of the presentation of the Q1 2024 MAN CEO's Confidence Index (MCCI) Reports, to the media in Lagos, on Thursday.
He said that the manufacturers are calling on the port authority to ensure the adequate installation of scanners, and functional CCTVs and adopt digital automation of all the port processes to aid in clearing goods at the ports.
The MAN CEOs also called for the decentralisation of seaports nationwide to decongest the ports in Lagos.
The CEO also enjoins the port authority to upscale the involvement of the private sector in the infrastructure concession window to enhance the rapid development of infrastructure including road and rail networks and the rehabilitation of access roads to the ports.
Earlier, Francis Meshioye, the President of MAN, said that the manufacturing sector plays a pivotal role in the economic growth and development of our nation, and this report sheds light on the current state of the industry, its challenges, and the opportunities that lie ahead.
"Today's presentation serves as an opportunity to engage in constructive dialogue and exchange ideas that will contribute to the advancement of the manufacturing sector in Nigeria," he added.
Segun Ajayi-Kadir, the Director-General of MAN, added that undoubtedly, the manufacturing sector remains the most sustainable driver of steady economic growth, inflow of foreign exchange and enduring shared prosperity.
Segun Ajayi-Kadir, the Director-General of MAN, added that undoubtedly, the manufacturing sector remains the most sustainable driver of steady economic growth, inflow of foreign exchange and enduring shared prosperity.
" MAN is therefore expectant that the government will intentionally prioritize the manufacturing sector by implementing the sector-specific recommendations contained in this report and providing the required policy support and incentives. This is the surest way of revamping the sector and repositioning the economy towards sustainable growth and development."
No comments:
Post a Comment