Lagos – The Manufacturers Association of Nigeria (MAN) on Monday said Britain’s exit from the European Union (EU), tagged Brexit, should be a lesson for Nigeria to boost its global competitiveness.
The MAN President, Mr Frank Jacobs, told the News Agency of Nigeria (NAN) in Lagos that Brexit was a lesson to Nigeria to develop its comparative advantage.
NAN reports that the United Kingdom on Thursday voted to sever itself from the European Union through a referendum, which put an end to the era of a broad-based united Europe.
Jacobs said Brexit would in no way affect Nigeria in the short-term.
“For now, the United Kingdom’s pulling out from the EU may not have any effect on the Nigerian economy.
“However, it teaches us that nothing lasts forever.
“Nigeria should take a cue from that to improve on its global competitiveness by looking inwards and building on its human and material resources where we have comparative advantage.
“It is a lesson for us to seek ways to remove our dependence on imports, which only enriches other countries and makes us poorer.
He said it was time to look towards agriculture, manufacturing and industry, adding that this was the only way for Nigeria to compete on the global scene.
The MAN President stressed that no nation could grow purely on imports of consumables and commodities.
He said Nigeria needed to boost its economy through exports of its value-added products and services, if everything fell in place.
Jacobs added that the UK had been at the forefront of campaigns for Nigeria to sign the Economic Partnership Agreement (EPA), saying that it was better that the country had put it on hold for now.
“We urge the government to make deliberate effort to use the non-oil sector to boost Nigeria’s economy.
“This will obviously remove our dependence on imports of finished goods and more jobs will be created, the economy will also grow out of its current critical economic condition,” the MAN president said. (NAN)