For Nigeria to reap maximum benefits from the African Continental Free Trade Area agreement, the Manufacturers Association of Nigeria has identified the ability of local manufacturers to compete around the continent as key to gaining market access under the deal.
Nigerian manufacturers have consistently lamented over various factors that have constrained the competitiveness of the sector, warning that without tackling them the country will be at a disadvantage under the continental trade deal. "What local manufacturers are yearning for are supportive policies that will aid the growth and competitive capacity of the country's industrial sector in all ramifications," he added.
"Exporters need deliberate interventions such as access to loans at right rates, support with eliminating administrative bottlenecks and multiple regulatory checks by different regulators. A consolidated or harmonized regulatory approach would be preferred."