Mr. Christopher Enemuo, a businessman and manufacturer, has expressed his belief that Nigeria requires more than a unified exchange rate in order to transition from a consuming nation to a producing one.

While acknowledging the recent policy of unifying the exchange rate and the enactment of a law allowing for independent power generation by President Bola Tinubu as positive steps towards this goal, Enemuo emphasized that additional measures are necessary.

Speaking to journalists in Awka over the weekend, Enemuo asserted that for Nigeria to genuinely transform into a producing nation, a comprehensive approach must be adopted.

He advocated for manufacturers to be given priority status as citizens and for their value to be recognized and utilized to benefit the country. Enemuo stressed the need for a concerted effort to support and harness the potential of manufacturers in order to drive productivity and economic growth in Nigeria.

“The present government has made moves toward addressing some key factors which would go a long way to solve difficulties encountered by manufacturers in Nigeria.

“The unification of exchange rates and the independent power generation policies are two aspects propelled toward relieving about 45% of the problems.

“To jump-start consumption-to-production, there are configurations of relatively common factors which are germane in the objective, and they include making manufacturers priority citizens and accessing the intellectual values of manufacturers.

“Manufacturers need to be in a position of advantage in the course of their manufacturing activities.

“There is a need for direct partnership between production industries and the government. Like quick issuance of all necessary documents, for instance; licences and Certificate Of Occupancy (C of O) where applicable.

“Health insurance for eligible manufacturers, direct access to government-subsidized funds, facilities and benefits, quick judicial adjudication where a manufacturer is involved and fast-tracking the clearing of industrial equipment at the ports and berths.

“Again, most financial institutions in Nigeria are more interior in the aspect of lending. The institutions are more concerned with fixed assets because that is what their physical eyes can see; hence, they are shallow on the intellectual scope notwithstanding its solid and futuristic nature.

“There’s a need for the federal government, through the Central Bank Of Nigeria (CBN) and Bank Of Industries (BOI) to meet the financial needs of the manufacturers.

“These disbursing financial institutions are sunk into the outdated facility system; paying all attention to fixed assets, landed properties and bonds.

“In contrast; the intellectual aspect which is more valuable and visible is not only ignored but most times subdued and eventually eliminated. This oversight is more discouraging when the disbursing banks are the manufacturer’s bank which has enjoyed uninterrupted tons of turnover for decades; this is how interior most financial institutions in Nigeria are,” Enemuo lamented.