Buhari has lifted manufacturing sector to new heights – BMO
The Buhari Media Organisation (BMO) has described the Buhari years as Nigeria’s era of manufacturing and industrialization, going by data on the country’s manufacturing output from 1980s till date.
In a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke, BMO said that it is heart-warming that on President Muhammadu Buhari’s watch, Nigeria’s manufacturing output has moved up to $64.41bn, the highest in well over 40 years.
“Latest figures by a USA economic research platform, MacroTrend have shown that Nigeria’s manufacturing output stands at $64.41bn which is slightly over 14% of the country’s GDP and is 17.65% more than that of the previous years.
“It is also the first time since 1981 that the manufacturing output will exceed the $60bn mark and also places Nigeria higher than Egypt at $62bn, South Africa ($49bn) and Morocco ($21bn)in the African chart.
“When we look at the numbers, what we see is a reflection of the Buhari administration’s policy thrust since inception in 2015.
“For President Buhari, moving the country from consumption to production was never a mantra even though he had within his first full year in office assured Nigerians that his administration was determined to ensure that we move from over-reliance on imported goods to locally made products.
“The President gave the assurance while presenting the 2017 Appropriation Bill to the National Assembly in December 2016, and in the course of his speech said ”we will patronise local entrepreneurs. We will promote the manufacturing powerhouses in Aba, Calabar, Kaduna, Kano, Lagos, Nnewi, Onitsha and Ota.’
“It was therefore not surprising that President Buhari backed up his pledge with Executive Order 003 of 2017 which mandated all Ministries, Departments and Agencies (MDA) to give preference to local manufacturers of goods and service providers in procurement of goods and services.
“We make bold to say that this, alongside the ‘Ease of doing business’ initiative, as well as the President’s promise to give manufacturers improved access to foreign exchange, has ensured steady growth in the local production of goods and services in the country.
“Yes, we know that there are still challenges in the sector but Nigerians are lucky to have an administration which continually shows the necessary political zeal to improve on infrastructure.
“We are optimistic that aside from what is being done on roads and bridges, the Ajaokuta-Kaduna-Kano (AKK) gas pipeline when completed, will add more zest to local production in some parts of the country”, the statement added.
The group said all these are in line with the President’s commitment to leave the country better than he met it.
