NSDC Calls for Reforms to Lower Production Costs in Nigeria

Mr. Kamar Bakrin, the Executive Secretary of the National Sugar Development Council (NSDC), called for urgent reforms to lower production costs in Nigeria during the 17th National Council on Industry, Trade and Investment (NCITI) held in Enugu. He urged all levels of government to prioritize cheaper electricity, single-digit industrial loans, and faster port operations to enable local manufacturers to compete effectively under the African Continental Free Trade Area (AfCFTA).

Bakrin warned that Nigeria must address its long-standing structural challenges to avoid losing the African market to more competitive economies. He stated that the primary challenge for Nigeria is not the demand for locally made goods but the high cost of production.

He revealed that Nigerian manufacturers pay between two and ten times more for electricity, credit, and logistics compared to counterparts in countries like Vietnam and China, making local goods less competitive. Bakrin disclosed that manufacturers in Nigeria spent an estimated N1.34 trillion on self-generated electricity last year.