and tariffs on imported and finished goods. As indicated in the CSAR, establishing the new BOI and the SMIEIS were among the key initiatives for developing this sector. The Export Expansion Grant is geared specifically towards supporting manufactured exports, while the National Credit Guarantee Scheme was conceived to help mitigate the risks associated with lending to SMEs. 544. Available statistics reveal that the new policy initiatives have yet to affect Nigeria’s manufacturing growth rate and competitiveness significantly. The World Economic Forum’s Global Competitiveness Index (2006) rated Nigeria’s competitiveness as poor in 2005. The score was particularly low for institutions, infrastructure and the supportive macroeconomic environment. The ranking was, however, better on innovation [particularly expenditure on research and development (R&D)], collaboration in research between universities and industry, technological readiness and absorption of firm-level technology. 545. The manufacturing sector contributed only 3.6 per cent to Nigeria’s GDP over the 2001 to 2004 period on average, compared to agriculture’s 41 per cent for the same period. Usage of manufacturing capacity averaged 53 per cent between 2001 and 2004. 546. Constraints to enterprise growth include cost-increasing factors like poor infrastructure, lack of finance, uncertainty about government policies, ineffective laws and regulations, and inefficient administration of the business environment. Frequent interruptions in the supply of basic utilities have proved to be particularly costly to the manufacturing sector. For example, small firms lost 24 per cent of their output because of power outages, medium-sized firms lost 14 per cent and large firms lost 17 per cent. 547. To make SMEs more competitive, stakeholders emphasised: simplifying the access and disbursement processes of SMIEIS; public-private collaboration to remove obstacles to competitiveness; developing value chains; and addressing the factors that contribute to the high costs of inputs, such as high interest rates, shortages of skilled labour, low demand and policy uncertainties. 548. The CRM identified a number of policy measures, spearheaded by the Ministry of Mines and Steel Development, to develop the solid minerals subsector. To date, 34 different minerals have been identified and are being promoted for commercial exploitation. A further 42 mineral resources have been discovered by the Nigerian Geological Survey Agency and are being captured on mineral commodity maps. Developing the solid mineral sector is the key to the current policy of diversifying the revenue base of the economy, attracting more FDI, providing inputs for local industries and exports, increasing opportunities for self-employment, and adding value. 549. The CRM findings in the oil and gas industry revealed that there have been efforts to improve oil and gas output and to ensure greater intersectoral links with the rest of the economy. Specifically, the government plans 167