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N20bn Lost Annually to Poor Infrastructure –MAN

The Manufacturers Association of Nigeria (MAN) Apapa Branch, has decried the loss of over N20 billion annually as a result of dilapidated infrastructure within Amowu Odofin and kirikiri industrial zones.

Speaking at the 10th business luncheon in Lagos yesterday, the branch Chairman, Frank Ike Onyebu, represented by the vice Chairman, Raphael Damilola, said the activities of trucks and trailers drivers/owners in Apapa axis has crippled economic activities of manufacturers and industrialists.

Onyebu added that, though Nigeria has signed the AFCFTA, it was not yet uhuru for the country because Nigeria still suffers infrastructural and systemic problems that places it in a disadvantage position.

According to him, poor power supply, multiple taxation, security challenges harsh economic weather remains albatross to Nigeria’s economic growth and development.

“A recent research carried out by Center for Trade and Development Initiative, University of Ibadan, stated that; a three -phase liberalization tariff rates from five to zero per cent will likely generate a higher surge of imported manufactured goods to the tune of 159.5 per cent, to 251.4 per cent on the average over the 15- year period.

“Nigeria being one of the least of import penetration from African countries, makes us an export target for many African countries under AFCFTA. Thus; export is expected to surge in all manufacturing sectoral groups, by extension the 77-sub sectors in the third phase of the liberalization.”

Meanwhile, the Lagos State Governor, Babajide Sanwo-Olu, represented by the permanent secretary, Ministry of Commerce and Industry, Bola Balogun, said the state would do anything possible to improve the socio-economic environment through its holistic implementation of T.H.E.M.E.S development which lays emphasis on traffic and transportation, education health,  environment, and technology, to make Lagos a 21st century economy, entertainment and tourism center with security and good governance at heart.

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Source: sunnewsonline

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