NBC leads manufacturing sector’s push for a policy compact to fast-track industrial reforms

Nigerian Bottling Company (NBC) reaffirmed its commitment to Nigeria’s industrial growth by sponsoring the highly anticipated Manufacturing Session at the 30th Nigerian Economic Summit. The event attracted leaders from across Nigeria’s productive sectors, including regulators, trade associations, and policymakers. As the nation faces economic headwinds, the session aimed to proffer solutions that will unlock the full potentials of the sector and reinforce its position as a driver of national growth.

The session opened with welcome remarks from Dr. Tayo Aduloju, CEO of the Nigerian Economic Summit Group (NESG), and was further energized by contributions from Melissa Jones, Country Representative for the United State Agency for International Development (USAID), and Goran Sladic, Managing Director of NBC. In his remarks, Goran highlighted the essential role of industrialization in driving economic transformation.

The panel discussion featured industry heavyweights, including Mr. Segun Ajayi-Kadir, mni, Director General of the Manufacturers’ Association of Nigeria (MAN), Mr. Olakunle Alake, Vice President of Dangote Industries Limited, Ms. Beth Davies-Kumadiro, Economic Development Adviser, British Deputy High Commission and Mr. Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms. Moderated by Mr. Adewale Smatt-Oyerinde, Director General of Nigeria’s Employers Consultative Association (NECA), the session tackled the pressing issues of macroeconomic instability and explored big ideas to promote sustainable growth not just for the sector, but for the economy in general.

Mr. Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, emphasized the importance of the manufacturing sector for job creation, improving government revenues, and stimulating economic growth. He said:

“We have identified key challenges, including fiscal and regulatory barriers, that impact the manufacturing sector. Our withholding tax reforms will provide much-needed relief, addressing working capital, cash flow, and financing costs faced by manufacturers. These exemptions will also extend to input providers, ensuring broader sectoral support. Additionally, as part of our stabilization efforts, we are considering reforms such as the ability to claim full input credits on assets. When implemented, manufacturers will be able to claim credits on both assets and services, significantly easing their financial burden.”

A key takeaway from the session was the call for a co-created a national industrialisation policy that would serve as a strategic framework for revitalizing the sector. Participants emphasized the need for collaboration between the organized private sector and the government to create a sustainable industrial ecosystem capable of driving long-term economic stability.

Stakeholders also discussed the Federal Government’s Economic Stabilisation Bill (ESB) as a potential game-changer for the manufacturing industry. If effectively implemented, the bill promises to stabilize the sector, enabling it to recover and grow at a pace that could significantly bolster Nigeria’s overall economic trajectory.

The session concluded with a commitment to draft and sign a Policy Compact—a collaborative framework designed to accelerate Nigeria’s industrialization efforts. This Compact will bring together the private sector, government agencies, and other stakeholders to implement key reforms aimed at stabilizing and growing the manufacturing sector.

NBC, as a key sponsor and thought leader in Nigeria’s manufacturing sector, remains dedicated to fostering collaboration, innovation, and industrial reforms that will pave the way for a stronger, more resilient Nigerian economy.