Quoting from the research by KPMG on behalf of the Nigeria Industrial Policy and Competitiveness Executive Council, Osinbajo lamented that despite the increased funding by the Nigeria Development Bank and Bank of Industry, there is a huge funding gap that needs to be filled to impact the manufacturing industry positively.
Osinbajo, who was represented by the Managing Director of Bank of Industry, Olukayode Pitan, pointed out that to ensure growth in the real sector, government is poised to address some of the challenges faced by the manufacturing industry. He added that with the signing of the African Continental Free Trade Agreement , the manufacturing sector will be able to access a significantly expanded market while facing stiff competition at the same time.
MAN President, Mansur Ahmed in his remark, emphasized the need for the federal government to jettison its idea of increasing VAT as such move would be counterproductive especially in the light of high build-up of unsold inventory in industries.