Economic crisis: NASS to support manufacturing industry in Nigeria – Akpabio

President of the Senate, Godswill Akpabio has said the 10th National Assembly will support the manufacturing industry in Nigeria to succeed.

Akpabio made the pledge on Wednesday when the Executive of the Manufacturers Association of Nigeria, MAN, paid him a courtesy visit in his office.

The Senate President identified the plight of the manufacturers as a result of the economic situation in the country and praised them for their resilience.

He explained to his guests the collaborative efforts of the National Assembly with the executive arm of government to turn things around, particularly in the areas of security and economy.

Akpabio said: “We welcome any formal communications to make your work easier, to legislate on issues that affect you, in order to ensure that you improve on what you are doing.

“You don’t need to even mention the fact that the current power situation has adversely affected the manufacturers in the country.

“You don’t need to mention the fact that the inflation rate has affected you seriously.

“You don’t need to mention the fact that the fluctuating foreign exchange rate has affected you seriously. Then the issue of pricing comes in. When you have to manufacture at a very high cost, it means that the price to the consumers also has to increase. And then of course, with the low earning capacity of Nigerians, you may end up having products that are overpriced. That can also affect your expansion.

“So let me commend the Manufacturers Association of Nigeria and by implication the Council members that in spite of the difficult times, you have managed to sustain this association.

“There is no need to overstate the fact that whatever this Senate or National Assembly as a whole can do to assist you, we will do so.

“We look forward to working closely with you, removing the bottlenecks and supporting you in order to make the industry flourish.

“On behalf of the Senate and the National Assembly as a whole, we assure you of our total support. You need to continue to do what you are doing to create employment opportunities for our people and also make products available for Nigerians at affordable cost and that involves also the issue of improvement in power, availability and right pricing for gas.”

Earlier, the President of MAN, Otunba Francis Meshioye, who led the delegation, said the visit was to discuss the current state of the manufacturing sector and collaborate on identifying areas where legislative support was crucial for manufacturers to effectively fulfil their long standing roles in employment and wealth creation.