The Director, Research and Advocacy Support, Manufacturing Association of Nigeria, MAN, Dr Oluwasegun Osidipe, has revealed that Nigeria spent the sum of N4.97 trillion from 2017 to 2020 to import products following the near-collapse of petrochemical industries in the country.
According to him, “Nigeria’s import of chemical products was N905 billion in 2017; increased to N990 billion in 2018; N1.39 trillion in 2019; and N2.68 trillion in 2020 . He observed that some issues stifling the manufacturing sector, include the high cost of transportation due to the hike in refined petroleum products and bad roads and the low demand for commodity caused by a backlog of unpaid salaries.
He called for the provision of adequate incentive for companies embarking on backward integration and encouraging more investments in petrochemical, machinery and iron & steel development, with appropriate incentives, among others to revive the comatose manufacturing sector. The Director said the development trajectory of China far outpaced that of Nigeria within the same period even though Nigeria began with a better footing.
May his soul rest in peace
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.