The Manufacturers Association of Nigeria (MAN) has stated that N3.04 trillion was spent on importing raw materials for industrial activities in 2023.

According to MAN, the manufacturing sector can heavily contribute over 80 percent of the country’s non-oil export if the potentials are properly explored.

Director General of MAN, Segun Ajayi-Kadir, made this known at a Town Hall Meeting between the Minister of State, Industry, Trade and Investment, Sen. John Enoh, and members and representatives of the Organised Private Sector (OPS).

Ajayi-Kadir cried that the heavy dependence of Nigeria on imported raw materials for production exposes manufacturers to global market fluctuations.

Ajayi-Kadir described the manufacturing sector as the backbone of the industrial sector.

He said: “Despite inherent challenges, Nigeria’s industrial value stood at $118.22 billion in 2023 ranked second in Africa, all thanks to a resilient manufacturing sector which accounted for $55.74 billion.

“Clearly, manufacturing is the most vibrant sector of any industrialised economy, considering its cross-cutting linkages with all other sectors. Indeed, no economy has developed without the formidable role of manufacturing.”

According to him, manufactured goods are a significant part of a country’s exports, pointing out that “manufacturing has the capacity to contribute over 80 percent of Nigeria’s non-oil export”.

The MAN DG underscored the critical roles that the manufacturing sector play in the nation’s industrialisation and economic development, adding that manufacturing industries are labour-intensive and create numerous jobs, both directly and indirectly.

“No other job creator is bigger than the manufacturing sector,” he stressed.