In a bid to reshape Nigeria’s oil-dependent economy, the Manufacturers Association of Nigeria (MAN) has called for a strategic shift toward non-oil exports as a means to stimulate growth and stabilize the nation’s financial trajectory.
The appeal was made during the 36th Annual General Meeting of MAN’s Anambra/Ebonyi/Enugu chapter, held in Enugu on Thursday. Addressing participants, the chapter chairman, Ada Chukwudozie, underscored the urgent need to diversify Nigeria’s economic base and prioritize sectors beyond crude oil to bolster foreign exchange earnings and improve GDP trends.
Chukwudozie emphasized that global economic dynamics—shaped by the COVID-19 pandemic, geopolitical tensions, climate change, and technological advancements—demand that Nigeria adapt swiftly to remain competitive.
“The business environment is increasingly volatile, uncertain, complex, and ambiguous (VUCA), driven by geopolitical tensions, technological disruptions, and evolving customer demands,” she noted.
She lamented Nigeria’s over-reliance on oil exports, highlighting the adverse effects of dwindling crude oil production due to insecurity and other factors. This, she said, has strained the nation’s foreign reserves and exacerbated inflation.
“The recent deregulation of the energy sector has hit an all-time high, coupled with high interest rates due to adjustments in monetary policies to control inflation,” Chukwudozie explained. “This has led to currency devaluation, further reinforcing the need for investment in manufacturing-driven non-oil export initiatives.”
She called on manufacturers to embrace resilience, adaptability, and innovation by challenging assumptions, experimenting with new ideas, and leveraging emerging technologies.
Echoing her sentiments, Keystone Bank Managing Director Hassan Imam stressed the importance of collaboration between the government, manufacturers, and financial institutions.
“Through initiatives such as targeted government policies, better access to finance, and infrastructure improvements, we can create an environment conducive to growth in manufacturing,” Imam said.
Chief Martin Agbaso, a Lagos-based businessman and chairman of the occasion, urged manufacturers to add more value to exports by focusing on finished products instead of raw materials.
MAN’s recommendations align with the broader vision to transition Nigeria’s economy from oil dependency to a diversified and sustainable model, positioning non-oil exports as a critical driver of national growth.