In a bid to revitalize the Small and Medium Scale Enterprises (SMEs) and manufacturing industries in Ogun State, Governor Dapo Abiodun has made a resolute commitment to establish robust power infrastructure, ensuring a consistent electricity supply across the state.
Governor Abiodun made this proclamation while serving as the distinguished guest of honor at the 38th Annual General Meeting of the Manufacturers Association of Nigeria (MAN), Ogun State chapter, held at the Conference Hotel, Abeokuta.
Represented by the Secretary to the Ogun State Government, Mr. Tokunbo Talabi, Abiodun highlighted the state’s unique position with the widest gas reticulation in Nigeria, which will be leveraged to combat the challenge of erratic power supply.
He emphasized that addressing the issues of high petroleum costs and unstable power supply would play a pivotal role in mitigating unemployment and insecurity.
The Governor expressed, “We cannot ignore the harsh reality that many manufacturing firms in Nigeria have shuttered due to irregular power supply and exorbitant petroleum costs, which has exacerbated unemployment and insecurity.”
He underscored the federal government’s initiative to address these challenges through the removal of subsidies, urging the Manufacturers Association of Nigeria to engage with the government on initiatives that can positively impact the sector.
Abiodun also called on association members nationwide to support the federal administration.
As a guest lecturer at the event, Mr. Bismarck Jemide Rewane, a prominent economist and Managing Director/CEO of Financial Derivatives Co. Ltd, discussed the underperformance of the manufacturing sector in recent years.
He attributed this to factors such as the Covid-19 pandemic, Russia-Ukraine conflict, and forex scarcity.
Rewane acknowledged that the nation stands at a crossroads with the undervaluation of the Naira by 32 percent.
He commended the federal government’s efforts in implementing market reforms and reducing economic distortions.
The esteemed economist advised the federal government to continue with reforms, including debt rescheduling, institutional changes, increased private investment in the power sector, and other catalysts for growth.
Mr. George Onafowokan, Chairman of MAN, Ogun State chapter, added his perspective, highlighting the challenges posed by Naira devaluation and subsidy removal.
He emphasized the need for supportive policies to stimulate local business survival, streamline loan access from government financial institutions, and implement sector-friendly fiscal and monetary policies to revive and fortify the manufacturing sector.
Governor Abiodun’s commitment to bolstering power infrastructure signals a promising future for manufacturing in Ogun State, offering hope to SMEs and manufacturers for enhanced productivity and economic growth.
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