To wade through these challenges, local manufacturers are exploiting opportunities offered through backward integration, especially those from local substitutes. The Group further delivered impressive full-year top-line growth across all business segments with average revenue growth of 34 per cent. Profit After Tax reached N25.7 billion, up from N11.4 billion in 2019/2020 (127 per cent YoY Growth). It, therefore, recommended that the federal and state governments should come up with industrial policy and sectoral plans for identified priority areas in the manufacturing sector. But the NESG, however, warned that opportunities are not enough to attract significant investment into the Nigerian manufacturing sector, especially given the country’s history of policy inconsistency.

Source: The Guardian July 14, 2021 04:30 UTC