Manufacturing: Inspire of it's improvement manufacturing Sector in Nigeria are grumbling

 

Despite the growth of Nigeria’s manufacturing sector in recent times, Nigerian manufacturers have faced tremendous amount of bottlenecks as they navigate the policy landmines that have become a constant feature in the world’s poverty capital.

The manufacturing sector’s nominal GDP growth in the second quarter of 2021 was 38.33%, up 38.47% from the same period in 2020. Also, Nigeria’s manufacturing sector saw real GDP growth of 3.49% year on year, compared to a decrease of 8.78% in 2020.

Beyond the successes from the global economic recovery, micro-scale local manufacturers in Nigeria are groaning under the weight of the harsh business environment that continues to decimate their capacity to profitably stay in business.

Despite the government’s efforts, local manufacturers suggested that the playing field is getting increasingly tougher to plough, citing age-long constraints such high cost of generating alternative power supply, access to finance, and government policy rollercoaster as major threats to the survival of their businesses.