The President of the African Development Bank (AfDB), Dr Akinwunmi Adesina, has listed some of the reasons why manufacturing companies in Nigeria are leaving for Ghana.
Adesina, who spoke at the inaugural Adeola Odutola Lecture organised by the Manufacturers Association of Nigeria (MAN) in Lagos, said that the lack of reliable electricity and congestion in Nigerian ports were some of the reasons.
He added that poor infrastructure, especially roads, was discouraging and making business difficult for investors.
“Businesses importing goods to Nigeria have to contend with the Gestapo manner of securing seaports, as military personnel is posted there, together with the high congestion and different government agencies which have all contributed to breeding corruption,” Adesina said.
“Also, industries are leaving Nigeria for Ghana where the macroeconomics is stable and the roads are in good shape. In Nigeria, 90 percent of goods and passengers use the roads but only 18 percent are paved.”
Adesina also said the $30 trillion trade in Africa could not translate into economic wealth and growth as value-added goods are not exported.
He called for a diversification of sources of revenue in Nigeria and other African countries.
President Muhammadu Buhari, in his address, stressed the importance of the manufacturing sector in reviving the fortunes of the economy.
The president, who was represented by the Secretary to the Government of the Federation (SGF), Boss Mustapha, assured more support to the agricultural, service and manufacturing sectors as they are important to the creation of jobs and economic growth.
The President of MAN, Engr. Mansur Ahmed, said Nigeria could achieve self-sufficient production when the manufacturing industry is supported with relevant policies.