The Director, Research and Advocacy Support Division of Manufacturers Association of Nigeria (MAN) Dr. Oluwasegun Osidipe, has said that Nigeria would only excel in the African Continental Free Trade Area (AfCFTA) if greater attention is given to improving the business operating environment.

Also, Chairman, Paint Manufacturers Association, PMA, Mr. Samuel Babatunde, said that the sustained rise in the cost of production due to scarcity of Foreign Exchange, Forex, as well as high cost of raw materials has made the business environment unfavourable and unattractive to investors.

They spoke at the PMA Nigeria 2022 Coatings Show with the theme: Maximizing the Opportunities of the AfCFTA in Lagos.

Osidipe said that Nigeria ranked as the third exporter and 7th importer of paint on the list of top 10 importers and exporters list in Africa, and pointed out that manufacturers are finding it difficult to fully get back to business and maximize profit.

His words: "MAN believe that Nigeria would only excel in the AfCFTA if greater attention is given to addressing the operating environment related challenges otherwise the backlashes manifesting in form of import surge and trade malpractices will lead to the closure of manufacturing concerns.

"Government should create special intervention incentives for export oriented companies, so that they can take advantage, we believe all of these would enhance competitiveness of the private sector and ensure that Nigeria benefits maximally, it is only when the aforementioned are fully implemented that one can boldly say that AfCFTA may be the opportunity that Nigeria has been waiting for to extend its trade frontier rather than being a trade partner.

On his part, Babatude said: "We are still facing the challenges we faced during the shutdown in 2022. The challenges of scarcity of forex, skyrocketing prices of paints raw materials and packaging inputs as well as sales of finished paint products. These have pushed the cost of production to the rooftop."