The Nigerian Economic Summit Group (NESG) has disclosed in its 2021 Macroeconomic Outlook report that the only way to contain the country’s foreign exchange challenge is to develop the real sector. NESG, in its report made available to the media, stated that Nigeria’s manufacturing sector was among the largest in Africa, with numerous opportunities.
In the report, NESG explained that the sector had the potential to create jobs and lift millions of Nigerians out of poverty if the government addresses the current challenges in the sector. According to NESG, all these make it difficult for businesses to maximise returns and limit operations costs in the sector.
The report maintained that prior to 2020, the sector faced several structural challenges, which have caused many manufacturing firms to shut down, limiting growth and investment inflows into the sector. The Nigerian Economic Summit Group (NESG) recognises this fact and this new report on sectoral reforms and investments in Nigeria focuses on Nigeria’s manufacturing sector and how it can facilitate economic growth and development. It highlighted the manufacturing sector as one of six sectors that have the potential to create jobs and reduce poverty in Nigeria.