Stakeholders in Nigeria's industrial sector have called on the government to urgently address the harsh business environment crippling manufacturing and production.
They identified inadequate infrastructure, poor power supply, insecurity, and multiple regulations as major barriers to industrial growth.
Ayo Oyelade, Managing Director of Atlas Industries Limited, urged the government to streamline regulations, invest in infrastructure, reduce bureaucracy, and embrace technology to improve efficiency and attract investment.
Segun Kuti-George, Managing Director of Goshen Marble Industries Limited, said power is the number one challenge. "Without steady electricity, industrialization in Nigeria remains a pipe dream," he said. He also highlighted poor road networks and called for an efficient railway system to ease transportation.
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Mrs. Oluwatosin Odudu-Essien, CEO of Codelines Technology Limited, warned that high electricity tariffs and fuel costs are driving many small businesses out of operation. She urged the government to create policies that support SMEs and make energy more affordable.
Michael Oluwatobi, a Lagos-based industrialist, added that rising insecurity has forced many businesses to shut down, especially in the North.
Stakeholders called for easier business registration, access to low-interest loans, and reforms of regulatory agencies to support industrial growth and job creation.
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