In a recent statement, manufacturing expert Mr. Christopher Enemuo has hailed the newly signed 2023 Electricity Act, stating that the unified exchange rate and independent power generation policies contained in the act have successfully addressed about 45% of the issues faced by manufacturers in Nigeria. Enemuo shared his insights in an interview with the News Agency of Nigeria (NAN) on Saturday in Awka.
Enemuo acknowledged that President Bola Tinubu’s current policies signify significant progress towards achieving the necessary targets. However, he emphasized that more efforts are required to transform Nigeria from a consumer-driven economy to a production-based nation.
Highlighting the role of manufacturers in the country’s economic growth, Enemuo stressed that prioritizing and appreciating their contributions is vital for Nigeria to become a prosperous and self-sustaining nation.
“The present administration has taken commendable steps towards addressing key issues that significantly impact manufacturers in Nigeria,” Enemuo stated. “The unification of exchange rates and the implementation of independent power generation policies are two important measures that alleviate almost half of the challenges faced by manufacturers.”
Enemuo further emphasized the importance of creating an enabling environment for manufacturers, stating that direct partnerships between production industries and the government are necessary to maximize their impact and potential.
Manufacturers play a crucial role in job creation, foreign exchange earnings, and technological advancement. By providing necessary support and creating favorable policies, the government can ensure a thriving manufacturing sector that contributes significantly to Nigeria’s overall economic development.
Enemuo’s observations highlight the need for continuous efforts and collaborative initiatives between the government and manufacturers to create an ecosystem conducive to production and economic growth. These measures will ultimately lead Nigeria on the path to becoming a self-sufficient nation with a robust and diversified manufacturing industry.
