How to Export Gas and Liquid Flow Measuring Instruments from Nigeria

Nigeria is endowed with all the necessary minerals and materials to develop a manufacturing base that would provide employment for Nigerians, as well as export gas and liquid flow measuring instruments. In order to achieve this goal, it is imperative that the country adopt measures to encourage importation of raw materials and equipment necessary for manufacturing, establish fiscal incentives to promote investments in the manufacturing sector, develop a strategy for linking local production with global markets, introduce provisions on intellectual property rights to protect new entrants into the industry from large multinational companies who have occupied the market share primarily due to their ability to access international finance.

Importance of the manufacturing sector for Nigeria

Manufacturing is currently the largest sector in Nigeria and employs about 14 million Nigerians. Manufacturing is also one of the most economically significant sectors, accounting for about 29% of Nigeria’s GDP and over 50% of total export earnings. As the country’s fastest growing sector, manufacturing has emerged as major driver of economic growth and can serve as a significant instrument for poverty alleviation and job creation.

Nigeria has a wide range of raw materials and skilled labor that can be used to produce a variety of goods, such as agricultural products such as palm oil, rubber, cocoa, and cotton.

Encouraging importation of raw materials and equipment

Nigeria has an abundance of natural gas and liquid flow measuring instruments. However, the country imports most of its gas and liquid flow measuring instruments from other countries. The major constraints to the development of the domestic manufacturing sector are lack of capital, lack of skilled labour, shortage of power supply, high cost of imported machinery, lack of access to technology and foreign exchange.

To encourage importation of raw materials and equipment into Nigeria, the government should provide fiscal incentives like tax holidays, exemptions on duties and taxes for foreign investors, provision for duty-exemption on importation of machinery for use in manufacturing.

The government also needs to develop a strategy to link local production with global markets. This would entail negotiating bilateral trade agreements with other countries, issuing incentives to export gas and liquid flow measuring instruments to major consumer countries, attracting foreign investments to set up plants in Nigeria.

It is important to provide intellectual property rights to new entrants in the industry. This would entail developing a legal framework for intellectual property rights protection in Nigeria, adopting international standard on intellectual property rights protection, providing protection for new inventions for a period of at least 23 years from date of filing patent application.

Fiscal incentives to promote investments in the manufacturing sector
Nigeria needs fiscal incentives to promote investments in the manufacturing sector to reduce the country’s dependence on imported goods and stimulate economic growth. The manufacturing sector in Nigeria has the potential to create employment for Nigerians and export gas and liquid flow measuring instruments if the country adopts measures to encourage importation of raw materials and equipment necessary for manufacturing, establish fiscal incentives to promote investments in the manufacturing sector and develop a strategy for linking local production with global markets.

Fiscal incentives like tax reliefs and exemptions, loans and grants can promote investments in the manufacturing sector by making it easier for small and medium enterprises to explore their potential in Nigeria’s manufacturing sector.

The Nigerian government should also reduce its reliance on oil revenue by developing a diversified economy. This would enable it to overcome the fluctuating nature of oil prices. The government should provide fiscal incentives like tax reliefs, exemptions, loans and grants to support industries that are not yet developed but have high potential.

Developing a strategy for linking local production with global markets
The strategy for linking local production with global markets should be developed with consideration to the realities of the Nigeria market, which is characterized by high import bills, low demand for locally manufactured goods, and high production costs.

Nigeria’s manufacturing sector, which is dominated by petroleum refining, was in decline in the late 1980s due to high-cost production, rapidly rising foreign exchange rates, and the importation of most consumer goods. With the exception of steel, which has been shielded from imports by tariff barriers, Nigeria’s manufacturing industry is virtually non-existent.

Concurrently, Nigeria has enjoyed an economic boom since the mid-1970s, but it has been concentrated in the services sector. Consequently, Nigeria’s manufacturing sector has remained stagnant while its population has grown at a rapid pace.

Nigerians have not been able to find employment in the formal sector of their economy. This has led to high unemployment rates and dissatisfaction among the country’s citizens.

Nigerian manufacturers are burdened with high production costs. The main factor in these costs is the shortage of skilled labor caused by inadequate educational facilities. Another major constraint on industry is the scarcity of energy, which raises the cost of

Intellectual property rights to protect new entrants
The Nigerian government should consider enacting laws mandating a set period for the protection of intellectual property rights in the manufacturing sector. This period should be long enough to give the new entrants in the manufacturing sector enough time to prove their ability to produce quality products that will be able to compete in the global market.

It is important that the Nigerian government introduce laws that protect intellectual property rights in the manufacturing sector to ensure that new entrants into the industry have a fair opportunity to compete in the global market. This will allow the Nigerian manufacturing industry to grow and thrive.