The Chairman, Manufacturers Association of Nigeria, Kwara and Kogi states' chapter, Mrs. Omolola Oloboyo, has urged manufacturers in the country to leverage on the N720bn intervention fund of the Federal Government to boost industrialisation and create more employment opportunities for the teeming unemployed youths.

Decrying the high rate of unemployment in the country, she stated that the manufacturing sector, if encouraged, could provide massive employment for the ever-growing job seekers.

She spoke on Tuesday to journalists in Ilorin, the Kwara State capital, on the sidelines of an interactive session of chief executive officers of manufacturing industries.

According to her, the Federal Government provided an intervention fund of N300bn for big manufacturers; N320bn as Micro, Small and Medium Enterprises Development Fund and N100bn Cotton Textile Garment Intervention Fund.

She stated that if these funds were accessed and prudently utilised by manufacturers, industrialisation and job creation would receive great boost.

She, however, said it was sad that many manufacturers were not aware of the intervention funds and so had been unable to access them.

She also alleged that some banks were unwilling to make it possible for manufacturers to access such FG's intervention funds in their custody which attracted not more than nine per cent interest rate.

According to her, banks prefer industrialists to access their funds which attract higher interest rate than the FG's intervention funds.

She identified some of the challenges faced by manufacturers to include bad roads leading to high cost of transport; high tariff, multiple taxation and electricity.

She said that manufacturers in the country paid up to 33 different taxes or tariffs, adding that high or multiple taxation was inimical to industrial growth and employment generation.

According to her, because of the multiple taxation and high cost of production, some manufacturers are already planning to downsize.

Oloboyo said, "If you look at all the sectors of the economy, there is no sector that can provide jobs like manufacturing. You have a manufacturer having 5,000 workers. Currently, we are talking about encouraging farmers.

"It is good, but how many people will a farmer employ? The biggest farmer I know employs about 50 people and we are talking about a single manufacturing company having a minimum of 1,000 employees. You know in Nigeria, when a company employs even 100, you know the multiplier effect.

"That is the direct staff. From my experience, you have the direct staff, suppliers, transporters, and distributors. In most cases, you see the distributors also employing people."

She added, "There has not been enough encouragement from the government to assist manufacturers. Sincerely, I do not think that these governments understand how a nation's economy works. Because a nation that cannot produce its own food is a dependent nation. What if anything happens?

"If other countries ban Nigerians from importing their products, what happens to Nigeria? By now, Nigeria should produce enough rice and other products. We have competent people but there should be encouragement.

"I want the government to encourage manufacturing. The Federal Government should look into how to encourage young graduates to begin to manufacture something. That was what they did in China. You see that everybody in China now is manufacturing something."

She stated that there should be more awareness of the government's intervention funds and other incentives so that manufacturers would avail themselves of those opportunities to boost job creation and industrialisation.

She decried insecurity especially in the north eastern part of Nigeria, adding that it had retarded industrialisation and commercial activities as the areas formed a major market outlet for their products.