Market News

The National Institute for Policy and Strategic Studies (NIPSS) has challenged the Manufacturers Association of Nigeria (MAN) to analyse the sources of raw materials used by manufacturers and identify production inputs that could be sourced or produced locally.

Director-General of NIPSS, Professor Ayo Omotayo, made the call at the opening of MAN’s 54th Annual General Meeting and Made-in-Nigeria Exhibition in Lagos.

He challenged MAN to work with the institute to analyse the sources of raw materials used by manufacturers as part of efforts to reduce the country’s costly dependence on imported inputs.

He said greater local sourcing would help reduce production costs, strengthen domestic value chains and retain more economic value within the country.

Omotayo also called for a special policy on raw materials, noting that Nigeria should not continue to spend billions of naira annually importing inputs that could potentially be produced domestically.

“We should have a special policy on raw materials so that we do not spend N3.4 trillion importing raw materials yearly,” he said.

He also challenged MAN to examine the materials currently imported for manufacturing and determine how many could be sourced or manufactured within Nigeria.

Omotayo called for stronger collaboration between universities and the real sector, noting that universities could make significant contributions to industrial development through research, innovation and skills development.

He said NIPSS would continue to support the manufacturing sector, adding that manufacturing remained the soul of development and a critical driver of economic growth.