The Paints Manufacturers Association of Nigeria (PMA) have urged President Muhammadu Buhari to reconstitute his cabinet earlier than he did in 2015 and expedite implementation of the new minimum wage bill to stimulate economic growth.
TBI Africa quoted Jude Maduka, the Secretary of PMA, made the appeal in an interview with the News Agency of Nigeria (NAN) on Friday in Lagos.
NAN recalls that President Buhari swore in 36 ministers into his cabinet on Nov. 11, 2015 nearly six months after he was sworn in as President.
Maduka advised that the President should constitute his ministers immediately after his swearing-in to ensure there would no lull in the economy, thus boosting investor confidence.
According to Maduka, manufacturers are facing challenges of low sales arising from declining consumers’ purchasing power and low liquidity in the economy.
He said that the early constitution of the cabinet and early budget passage would inject liquidity into the economy through projects and contract awards.
“If they do that, the manufacturing sector would be able to dispose most of its unsold inventories and the housing sector would continue their building projects thereby boosting paint sales.
“Also, if workers are paid their salaries as at when due and the new minimum wage bill implemented, there will be money for people to engage in various projects, including beautification and aesthetics,” he said.
On the paint sector’s performance in the first quarter, Maduka said that the sector performed below expectations which he attributed to electioneering and reduced activities in the building industry.
Maduka urged the government to formulate policies on urban renewal and modernisation in all cities to bridge infrastructure deficits and increase patronage of locally-produced paints.
Industry experts described the industry as an important sub-sector that was strategic to national development.
Nigeria’s paint industry, currently valued at $268 million, is estimated to grow by five per cent to $377 million by 2025.
As at December 2017, the paint industry had an investment of over N30 billion with a production capacity of 200 million litres of assorted paints yearly.
The experts projected that the use of paints in Nigeria would reach an all-time high of 1.02 billion litres by 2025.
