NSE urges FG to Simplify Regulatory Processes for Manufacturing Sector
The Nigerian Society of Engineers, (NSE) has called on the Federal Government (FG) to focus on simplifying the regulatory processes for the manufacturing sector in the country.
The NSE also tasked the FG to provide incentives for innovation, and infrastructural upgrades and ensure consistency in policies to foster an enabling environment for manufacturing growth.
NSE also identified seven challenges inhibiting the growth of the sector to include: infrastructural limitations, limited access to funds, technology, innovation and skill gaps, policy inconsistencies, regulatory hurdles, and global market dynamics.
The NSE in a communique issued from discussions and symposium during the just concluded National Engineering Conference, Exhibition, and Annual General Meeting in Abuja, also highlighted the challenges associated with accessing funding (high-interest rates, stringent collateral, administrative bottlenecks, etc.), multiple taxes, instability in foreign exchange, as factors among others that hindered growth and investment.
The president of NSE, Tasiu Wudil, while reading the communique on Friday in Abuja, harped on the need to reduce the gross deficit in skilled labour to meet the demands of re-engineering the manufacturing sector, promoting competitiveness, and enhancing economic growth.
However, Wudil bemoaned the existing policy framework that affects the re-engineering of the manufacturing sector to boost inclusive growth and competitiveness and called for a proper review.
In Wudil’s words, “Nigerian manufacturing sector faces challenges including infrastructural limitations, limited access to funds, technology, innovation and skill gaps, policy inconsistencies, regulatory hurdles, and global market dynamics.
“The conference observed the significance of human capital development to achieve sustainable growth and development in any economy. It also noted the gross deficit in skilled labour to meet the demands of re-engineering the manufacturing sector, promoting competitiveness, and enhancing economic growth.
“It further recognised the transformative potential of Industry 4.0 and the need for increased investments in technology adoption, digitalisation and automation to enhance manufacturing efficiency and global competitiveness.
“Also, there is an imperative to integrate sustainable practices into manufacturing processes and embrace green technologies, circular economy principles, and eco-friendly production methods to address environmental concerns and meet global standards.”
Although Wudil acknowledged the recent efforts of the government to rehabilitate the Ajaokuta Iron and Steel Complex, he called on the government for the involvement of the engineering body to accelerate the reactivation, rehabilitation, and modernisation to drive the much-needed industrialisation of the country.
