Non-oil exports hold the key to Nigeria’s economic stability, according to the Manufacturers Association of Nigeria (MAN). During the 36th Annual General Meeting of its Anambra/Ebonyi/Enugu chapter in Enugu on Thursday, MAN emphasized the need for Nigeria to diversify its economy and focus on non-oil export-driven growth.

Ada Chukwudozie, the chairman of the association, highlighted that investing in the non-oil sector could significantly boost foreign exchange earnings and safeguard the economy. She addressed the impact of global challenges such as the COVID-19 pandemic, geopolitical tensions, climate change, and technological advancements on Nigeria’s economic landscape.

“Here in Nigeria, our economy has depended heavily on crude oil exports for foreign exchange. However, dwindling crude oil production caused by insecurity and other factors has weakened our foreign reserves, increased inflation, and devalued the currency,” Chukwudozie explained. She called for urgent investments in manufacturing-driven non-oil export initiatives to navigate these challenges.

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Adapting to Economic Realities
Chukwudozie pointed out that Nigeria’s current business environment is shaped by volatility, uncertainty, complexity, and ambiguity (VUCA). She urged manufacturers to adapt by being agile, resilient, and forward-thinking. “We must innovate, challenge traditional assumptions, and embrace emerging technologies to stay competitive,” she added.

The managing director of Keystone Bank, Hassan Imam, echoed the call for collaboration between manufacturers, government, and financial institutions. He emphasized that targeted government policies, improved access to financing, and enhanced infrastructure could create a favorable environment for manufacturing growth.

Adding Value Through Finished Products
Chief Martin Agbaso, a Lagos-based businessman and the event’s chairman, advised manufacturers to prioritize exporting finished products rather than raw materials. “Adding value through finished goods will not only improve export earnings but also position Nigeria’s products competitively in global markets,” he remarked.