China, Germany, Japan, UK etc grew into economic prominence chiefly on the back of industrial revolutions that were driven by advancements in manufacturing capabilities.
This is why, for about a decade, the focus of the federal government has been on economic diversification and reducing government’s dependence on crude oil as the major revenue or foreign exchange earner. The country’s performance though still leaves a lot to be desired. This is made possible due to the Company’s $185m cumulative investment in a state-of-the-art factory in Ibadan which has created over 350,000 direct and indirect jobs for Nigerians. BAT Nigeria’s operations have also earned the country over $900m in taxes and other levies in 20 years, while repatriating over $100m in foreign exchange per annum and supporting additional foreign direct investments of USD30m by a principal supplier.
The same applies for other raw material exports such as sesame seeds, cashew nuts, gum Arabic etc such that Nigeria will enjoy more FDI; increased foreign exchange repatriation; improved earnings from taxes and levies as well as job creation from many more companies as it currently does with BAT Nigeria.
At the recently concluded Nigeria Employers Summit 2022 in Abuja,the CEO, Centre for the Promotion of Private Enterprise , Dr Muda Yusuf, identified spiraling inflation; exchange rate depreciation and volatility in forex market; the multiplicity of taxes and levies; and trade policy issues as some of the problems militating against investment and ease of doing businesses in the country.
In its 2021 second-half economic review contained in a May 26, 2022 report, the Manufacturers’ Association of Nigeria noted that the foreign exchange crisis, which is responsible for the depreciation of the Naira value compared to convertible currencies such as the US dollar, diminishes the size of manufacturing and the incentives of manufacturers in the country as Naira value depreciation causes the costs of manufacturing raw materials and machinery imports to escalate.
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