Dr Wumi Olayiwola, an economist, has urged manufacturers to consider digital trading in order to make their products export-worthy.
On Thursday, Olayiwola, the Principal Programme Officer, Economic Policy Analysis Unit, Macroeconomics Department, ECOWAS Commission, spoke at the 36th Annual General Meeting (AGM) of the Manufactures Association of Nigeria (MAN) in Abeokuta.
According to the Nigerian News Agency (NAN), the meeting’s theme is “The African Continental Free Trade Agreement and Nigeria’s Manufacturing Sector: Maximizing the Gains, Mitigating the Drawbacks.”
He stated that the COVID-19 pandemic had taught the world a lesson in digital participation, emphasizing the importance of embracing it.
According to Olayiwola, the African Continental Trade Agreement is beneficial to Africans because it promotes intra-continental trade, expands the market, and lifts many people out of poverty.
He described it as a commendable program that included instruments such as rules of origin, trade in goods and services, and intellectual property rights of institutional arrangements to ensure that the goals were met.
The economist also stated that MAN should encourage governments to do their part in the agreement by creating an enabling environment for it to thrive.
“First and foremost, they must participate in digital training, as we know from COVID-19 that everyone must go digital.
“The second issue is determining how to involve members of the value chain.” In contrast to the past, people are now producing parts and then assembling them to reduce costs.
“They have to be a part of the value chain and the supply chain,” he says.
According to him, MAN should encourage the government to do their part in a cost-effective manner. They must persuade the government to play its role in the provision of infrastructure.
“Their primary focus should be on lowering production costs, expanding trade, and increasing output.”
“If they can increase production, costs will be reduced, and they will be competitive,” he said.
Gov. Dapo Abiodun maintained in his submission that the AGM remained a platform for cross-fertilization of ideas necessary for the development of the manufacturing sector and the nation’s economic survival.
He noted that the theme of the AGM was appropriate and instructive in the ongoing implementation of the President Muhammadu Buhari-led administration’s “Economic Recovery and Growth Plan.”
“MAN, particularly the Ogun branch, has been consistent in its commitment and determination to make a critical difference in the promotion of made-in-Nigeria goods and ensuring that the ideals of industrializing Ogun are realized.”
“There is no doubt that the Federal Government has upped the ante in terms of economic diversification and retooling the manufacturing sector for economic sustainability.”
“Under the president’s leadership, our manufacturing base has expanded, and we are leveraging the manufacturing sector’s potential to improve policy formulations and programs.”
“This is to internalize and mainstream the African Continental Free Trade Agreement (AfCTA) into Nigeria’s Economic Development Plan,” the governor continued.
Mr Mansur Ahmed, President of MAN, praised the state government for its role in ensuring the movement and continued production of essential products during the COVID-19 pandemic.
Ahmed, who was represented by Vice President, Western Zone, Samuel Kolawole, also praised the government for developing an online platform for business registration and payment.
He did, however, ask the governor to expedite action on the out-of-court settlement in the suit involving MAN and NECA as well as the state government.
Speaking at the event, Mr Seleem Adegunwa, Chairman of MAN in Ogun, praised the state government for its efforts to implement a public-private partnership policy in funding the state’s development programs.
He thanked the governor for providing discounts to manufacturers for the payment of land use and amenities charges, as well as for the state’s determination to see manufacturers thrive.