The Executive Secretary of the National Sugar Development Council, Kamar Bakrin, has urged policymakers to prioritise measures that reduce manufacturers’ production costs, warning that Nigeria risks losing market share across Africa if local industries remain uncompetitive.
Bakrin spoke during the technical session of the 17th National Council on Industry, Trade and Investment, where he outlined four policy resolutions aimed at improving the competitiveness of Nigerian manufacturers, according to a statement from the council on Sunday.
According to him, Nigerian manufacturers face significantly higher production costs than competitors in countries such as Vietnam and China due to the cost of electricity, financing and logistics.
He illustrated the challenge by comparing two factory managers operating similar facilities in Aba, Nigeria, and Ho Chi Minh City, Vietnam, saying the Nigerian manufacturer pays between two and 10 times more for power, financing and transportation before products leave the factory.
Bakrin said industrial electricity costs
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